The $49 billion investment firm says the Bitcoin market has matured, pointing to better infrastructure, regulated exchanges, and support from OCC.
So, it has started!
After no new proposal in 2020 following the rejection of all the Bitcoin ETF proposals by the US Securities and Exchange Commission (SEC) in the past couple of years, the market is back to try again.
Now that institutions are pouring in amidst the strong bull market, VanEck is yet again making an attempt at a Bitcoin exchange-traded fund (ETF). The market feels that this time, we could finally get approval.
The big difference in VanEck’s proposal is that unlike the last time when they filed for a Bitcoin futures ETF, this one would physically hold the world’s largest digital asset.
The $49 billion investment firm has already successfully launched a Bitcoin ETN in Europe and is now ready to bring in another herd. Gabor Gurbacs, digital asset strategist at VanEck tweeted,
“Bringing to market a physical Bitcoin ETF in the U.S. is a top priority for @vaneck_us. We are committed to support bitcoin-focused innovation & continue to work with regulators & market participants to achieve that goal.”
In its SEC filing, VanEck argues that the Bitcoin market has matured and is “operating at a level of efficiency and scale similar in material respects to established global equity, fixed income and commodity markets.”
Here, it points to the launch of BTC futures contracts on major and regulated exchanges, growth of trading volume, arrival of major, established market makers, development of a robust bitcoin lending market, and expansion in the availability of institutional-quality custody services.
Moreover, the Office of the Comptroller of the Currency has confirmed that national banks may provide custody services for bitcoin and other virtual currencies, it said.
This article is Originally posted on CoinCentral.com