For the VanEck manager, the SEC intends to have greater control over the crypto environment before receiving the first Bitcoin-based ETF. This interest arrived because the current regulatory scenario does not give the entity the required strength to address this sector.
The CEO of VanEck, Jan Van Eck, guaranteed that the US Securities and Exchange Commission might have a rejective stance about receiving an ETF based entirely on Bitcoin.
The stance of the CEO appeared during an interview made in the Anthony Pompliano podcast. The manager highlighted that the SEC expects more transparent rules in the regulatory field to approve the ETF.
VanEck got listed as one of the firms that have applied strong pressure to approve a Bitcoin-based ETF since it submitted applications over the last few years. Still, all of them got rejected by the regulatory entity.
According to the firm, the SEC has its current limits. That is why it has not found a way to approve this item, precisely due to the talks around the regulatory resolution are contradictory, unhealthy, and have not yet reached concrete results.
Van Eck supports the idea that everyone, including the SEC, should wait for more specific regulatory policies regarding the future. Still, there is a particular situation with the Securities and Exchange Commission.
The CEO believes that the SEC might be setting a hold on a Bitcoin ETF, waiting to acquire more field over markets linked to the asset, which it does not have right now. He thinks the regulatory dialogue is pretty unhealthy at this point, as there is a constant push and pull, filled with a bunch of pros and cons.
Regarding the legislators, Van Eck would expect that the risk regarding the proposal of a regulatory perspective made by legislators could harshen the situation since it could include legal obstacles that would make it difficult for the markets to operate with these products.
Regulations in the US
The VanEck CEO’s points of view arrived right after President Joe Biden launched an executive order primarily focused on digital assets, which sets the tone for the government’s approach and stance on these currencies.
The order highlights many aspects but focuses on consumer protection, financial stability, the prevention of shady and illegal actions, the competitiveness of the United States of America in markets worldwide, financial inclusion, and responsible improvements in the economic sector.
On the other hand, the Republican US senator for the state of Wyoming, Cynthia Lummins, expressed through social media that a policy of her own is almost ready to see the light. The approval of this bill would grant the total integration of digital assets in the system.
Meanwhile, the possibility of a Bitcoin-based ETF still struggles with various obstacles in the US, as the SEC states that there would be vital risks for users related to the volatility of the digital currency and the possibility of manipulation of its market.
By: Jenson Nuñez
