The United States Securities and Exchange Commission (SEC) has rejected various Bitcoin spot exchange-traded funds (ETF) proposals.
Last month, the US SEC rejected the spot Bitcoin ETF proposal filed by investment firm VanEck. The SEC has rejected virtually all the spot Bitcoin ETFs proposed over the past few years, stating that the market is not ready for the product.
However, the CEO of VanEck, Jan van Eck, has revealed that the investment firm will not give up on its quest to list a spot Bitcoin ETF. He mentioned this during an interview with The Scoop. He stated that;
"For the SEC to have gotten a letter from both a Republican and a Democrat in favor of approval of the Bitcoin ETF was, to me was very positive in the absence of a lot of negative noise around the approval."
Van Eck said while they are not surprised by the SEC's decision, the investment firm will continue to submit more bitcoin funds for approval. For now, the investment firm is focused on expanding its current cryptocurrency offering in Europe.
According to the CEO, VanEck will focus on wrapped tokens as investors demand for the digital assets. Despite the setback of the SEC rejecting its spot Bitcoin ETF proposal, Van Eck believes it has been a good year for cryptocurrencies in the United States. He stated that;
"I would say in a way the SEC could be way more aggressive in pursuing the industry than it has been. I think policymakers want to be pro-innovation. And I think in that sense, it's really been a great year for the industry in the US."
The CEO said there is still a lot to do in terms of regulating the cryptocurrency space, but he believes that the United States is heading in the right direction. China has made it tough for crypto entities to operate in the country, but Van Eck doesn't see that happening in the United States.
