Comprehensive Overview of VanEck’s Bitcoin ETF Proposal and SEC Delays
In a recent development in the digital assets sector, VanEck’s head of digital assets research, Matthew Sigel, has raised concerns over the U.S. Securities and Exchange Commission’s (SEC) delayed response to a proposal. This proposal involves listing options trading on VanEck’s Bitcoin Spot ETF, highlighting a pattern of postponed decisions from the SEC concerning digital asset-related ETF proposals. Despite the previous administration’s more crypto-friendly stance, these delays persist.
VanEck’s Sigel Criticizes SEC for Lack of Feedback on Proposal Delays
On April 3, 2025, the Chicago Board of Exchange (Cboe) submitted a proposal to introduce options trading on the VanEck Bitcoin ETF (HODL). Options trading provides investors the flexibility to buy or sell an asset at a predetermined price before a specified date, enhancing market strategies. With the success of Bitcoin Spot ETFs in the U.S., several asset managers have been eyeing options trading as a growth avenue, prompting them to file applications for options on their ETFs.
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The SEC has approved similar requests for numerous Bitcoin ETFs, including Fidelity’s Wise Origin Bitcoin Fund (FBTC), BlackRock’s iShares Bitcoin Trust (IBIT), Grayscale’s Bitcoin Mini Trust (BTC), and Bitwise’s Bitcoin ETF (BITB), among others. However, after the initial 45-day review, the SEC has postponed its decision regarding Cboe’s proposal to list options trading for the VanEck Bitcoin ETF (HODL).
In a public post on May 23, Matthew Sigel expressed his frustration, citing a lack of transparency and feedback from the SEC. Tagging Hester Pierce, the Head of the SEC’s Crypto Task Force, Sigel pointed out the absence of comments or feedback accompanying the SEC’s delayed response. He stated that while the decision has not been outright rejected, the lack of communication is particularly frustrating, especially since the initial feedback had already been addressed.
Historically, the SEC has often delayed responses to digital assets ETF-related proposals, sometimes extending their decision-making process up to 240 days after the application, as observed with Bitcoin Spot ETFs in 2024. Sigel’s primary concern is the lack of explanation for these delays, particularly given that options trading has been approved for other Bitcoin Spot ETFs.
Current Bitcoin Market Analysis
As of the latest data, Bitcoin is trading at a price of $108,349, marking an increase of 5.23% over the past week and 17.71% over the past month. These figures underscore the cryptocurrency’s dynamic market performance and continue to attract investor interest.
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