VanEck would have to wait longer to see whether or not its Bitcoin exchange traded-fund (ETF) proposal gets the approval it desperately wants following the US Securities and Exchange Commission’s (SEC) decision to extend its deadline of approval to June. As per the SEC, the regulators are in need of more time in which they would use efficiently to contemplate the waves of comments it has been receiving relevant to the ETF proposal and its underlying rule changes.
Approving or disapproving of the VanEck Bitcoin ETF will be moved by an additional one and a half-month, from May 3rd to now June 17th.
It is worth noting that the regulators have the ability to extend the deliberation process of any submitted proposal up to 240 days before delivering a conclusive outcome. In addition to the 45-days extension it has implemented recently, the SEC could still extend the decision window by another 45-, 90-, and 60-days separately if they do so wish.
In contrast to its neighboring countries who have now fully embraced Bitcoin ETFs, such as Canada, the US has remained adamant to not approve any ETF proposal as of yet. Will VanEck get the recognition as the very first to receive approval from the US SEC? Only time can tell.