VanEck Filed For Futures BTC ETF After SEC Hinted An Approval

VanEck filed for futures BTC ETF after the SEC hinted for approval as the chair Gary Gensler said he is looking forward to the review of the ETF limited to these CME-traded BTC futures so let’s read more in our latest Bitcoin news today.

The investment firm VanEckk filed for futures BTC ETF but the company thinks a physical Bitcoin ETF is what the investors really want. The investment firm filed for a BTC future exchange-traded fund a week after SEC chair Gary Gensler hinted that the commission could be inclined to approve these products. The New York-based application filed yesterday to the SEC and VanEck now hopes to expose the investors to contracts that bet on the price of BTC going up and down. VanEck’s director of digital assets strategies Gabor Gurbacs said that the company believes the futures ETF will have an easier path to approval.

This is the second time the company applied for a futures ETF but it is what the company is mainly after. A week ago, Gurbacs said that a physical exposure Bitcoin ETF is more efficient than the futures-based fund structures and the company is also one of the many companies awaiting SEC approval as opposed to futures contracts. The ETF is an investment tool that allows people to buy shares that represent one asset like gold or real estate. Bitcoin and other crypto ETFs allows investors to invest in the digital asset without having to worry about buying and storing it. A bitcoin ETF doesn’t exist in the US because the SEC has been reluctant to approve one and cited concerns over price manipulation in the market.

SEC Chair Gary Gensler said that he will only be open to approving a Bitcoin ETF under strict rules and not one that provides direct BTC exposure. Gensler said that he was looking forward to the SEC review of ETFs limited to the CME traded BTC futures. The market experts responded to Gensler’s comments by saying that the investors want direct BTC exposure and not a futures ETF, as Gurbacs said:

“VanEck was first to file for a futures-based Bitcoin ETF. Currently, the futures markets are regulated, hence there is an easier path for approval.”

Source: https://www.dcforecasts.com/bitcoin-news/vaneck-filed-for-futures-btc-etf-after-sec-hinted-an-approval/