Bitcoin News and Finance
Vaneck Files for Bitcoin Futures ETF Following SEC Chair’s BTC Futures Regulation Statements Skip to main content

Vaneck Files for Bitcoin Futures ETF Following SEC Chair’s BTC Futures Regulation Statements

Vaneck Files for Bitcoin Futures ETF Following SEC Chair’s BTC Futures Regulation Statements

Following a number of statements this week from the U.S. Securities and Exchange Commission’s (SEC) Gary Gensler, wealth management firm Vaneck has filed for a bitcoin futures exchange-traded fund (ETF).

Vaneck Files for a Bitcoin Futures-Focused Fund Called the Bitcoin Strategy ETF

On August 10, the wealth manager Vaneck filed an application with the SEC in order to list the “Bitcoin Strategy ETF,” a fund that seeks “capital appreciation.” The fund will be an actively managed ETF that leverages bitcoin futures, pooled investment vehicles, and other ETFs that provide exposure to bitcoin (BTC).

The latest Vaneck bitcoin ETF filing stresses: “The Fund does not invest in bitcoin or other digital assets directly.” The Bitcoin Strategy ETF will utilize bitcoin futures under the laws of the Cayman Islands, and it may also invest in “ETFs listed and traded in Canada, and exchange-traded products that provide exposure to bitcoin through the subsidiary.”

Vaneck currently commands $63 billion in assets under management (AUM) and has been involved with bitcoin (BTC) for quite some time. At the end of June, Vaneck applied with the U.S. regulator to launch a bitcoin mutual fund, and the company is also hoping for approval for another bitcoin ETF that was filed back in December 2020.

Vaneck is further shooting to provide an ethereum (ETH) exchange-traded fund as well. Last week, SEC Chair Gary Gensler outlined the regulator’s plans to regulate crypto assets and discussed crypto ETFs. Gensler’s statements seemed optimistic in regard to crypto ETFs when he said he looks “forward to the staff’s review of such filings, particularly if those are limited to these CME-traded bitcoin futures.”

Investment Company Act of 1940 and Current Bitcoin Futures Regulations Could Bolster a Futures-Centric Crypto Fund

Vaneck executive Gabor Gurbacs tweeted about the ETF filing on Tuesday and noted the company was the “first to file for a futures-based bitcoin ETF in 2017.” Members of the industry believe that CME’s bitcoin futures have been regulated for quite some time and because of Gensler’s latest statements, a bitcoin futures ETF may see the first approval.

When Gensler said he looks forward to regulators reviewing ETFs that are particularly associated with bitcoin futures, he mentioned the U.S. Investment Company Act of 1940 as possibly being sufficient enough for regulation.

Vaneck’s Bitcoin Strategy ETF explains that the fund is a “non-diversified fund under the Investment Company Act of 1940, as amended (the ‘1940 Act’), and, therefore, may invest a greater percentage of its assets in a particular issuer.” Gensler has also written a letter to U.S. Senator Elizabeth Warren in regard to her concerns over cryptocurrency regulation.

What do you think about Vaneck’s latest crypto ETF filing? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory