VanEck Unperturbed by Shutdown on Bitcoin ETF Application
VanEck, an investment manager is still very confident about its bitcoin ETF application, despite the US government shutdown. This is simply because the firm believes it has laid a robust foundation for the VanEck/SolidX Bitcoin ETF to eventually win SEC approval.
VanEck’s director of asset strategy, Gabor Gurbacs, talking to CCN on Twitter said: “I have done everything I can to build the right market structure for Bitcoin and digital assets,”
The Securities and Exchange Commission has placed a hold on all administrative functions due to the ongoing shutdown.
The SEC has until February 27 to approve or deny VanEck’s bitcoin ETF application and the agency delayed making a decision on it several times in 2018.
Jake Chervinsky, Blockchain attorney says VanEck’s bitcoin ETF application won’t automatically be approved in the event the shutdown extends past February 27th.
Chervinsky tweeted: “The SEC’s final deadline to approve or deny the ETF is February 27th. That’s 240 days after the ETF proposal was first published in the Federal Register.”
The SEC doesn’t have the power to extend the 240-day deadline. The statute absolutely prohibits any further delays.
By law, that means if the SEC fails to make a decision by the February 27th deadline, the ETF will be automatically approved.