With the deadline of the SEC’s approval for the VanEck BTC ETF approaching, the Japanese ETF approval might affect the decision-making process of the US SEC.
The possibility for the BTC ETF approval that was postponed until February is still low. Hester Pierce, the commissioner of the US SEC advocating in favor of the adoption has earlier stated that financiers should rather abandon hopes for a BTC ETF, because the SEC might take quite some time to finally approve it.
The submitted application of VanEck ETF will shed more light on whether the fund receives approval or not.
Last autumn, the Commission has turned down as many as 12 ETF proposals, including the applications filed by the Winklevoss twins. The latter tried to introduce an exchange-traded fund utilizing the digital currency trading platforms to compute the base value of the currency and other applicants placed their bet on the BTC futures marketplace for the ETF development.
Ultimately, all 11 submissions were turned down by the Commission, as it stated that both the cryptoexchanges and the futures markets have not yet reached the substantial volumes.
The VanEck exchange-traded fund utilizes data from the OTC cryptomarket, which is claimed to be larger than the cryptoexchange marketplace considering its volume and activity.
No matter the outcome, it will force the Commission to assess the worldwide digital currency over-the-counter marketplace, as well as contemplate the possibility of constricting the policies in big overseas marketplaces.