A bitcoin spot ETF is unlikely in the US any time soon, says VanEck CEO -Dlight News


(Bloomberg) – Investors are unlikely to see a Bitcoin exchange-traded spot fund in the United States any time soon, according to VanEck Chief Executive Officer Jan Van Eck.

“No chance,” said Van Eck during a panel discussion Bitcoin 2023 Conference in Miami Beach on Thursday. “Even if the SEC loses the Grayscale litigation, it will only hesitate. I just don’t see that in the next year and a half.” Van Eck was referring to the ongoing lawsuit by asset manager Grayscale Investments against the US Securities and Exchange Commission, in which it is trying to convert its Bitcoin trust into an ETF.

Van Eck also noted recent filings by competing ETF firms for ether futures-based funds – at least three of which have been revised or withdrawn just days after their original filing.

“The SEC will hesitate,” said Van Eck. “They have so many regulatory tools at their disposal.”

The crypto industry has long wanted a Bitcoin ETF in the US, but regulators have been very reluctant to approve it. A number of issuers have attempted to offer a spot product over the years. In the past, the supervisory authorities have cited market manipulation as one of the reasons for refusing approval.

However, bitcoin futures funds have been trading since 2021, and many of the issues analysts warned about before this launch have since fallen by the wayside.

Van Eck’s company operates a number of ETFs and is known for its range of funds. In 2021, the VanEck Bitcoin Strategy ETF (Ticker XBTF) was launched, based on Bitcoin futures. The SEC is now at the end of 2021 rejected a VanEck proposal for an ETF that would hold Bitcoin directly.

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