The US Securities and Exchange Commission (SEC) has delayed approval on VanEck's bitcoin exchange-traded fund (ETF) until June. The official statement says that the regulator decided to designate a longer period within which to take action on the proposed rule change so that it has "sufficient time" to consider on the application.
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While, in general, it takes 45 days for the SEC to give a decision on whether to approve or disapprove an ETF, the watchdog can extend its review deadline up to 240 days. To date, the watchdog has rejected all bitcoin ETF applications, citing insufficient resistant to market manipulation and fraudulent activity concerns.
Meanwhile, VanEck announced the launch of the VanEck Vectors Digital Transformation ETF (DAAP), a new fund with exposure to the cryptocurrency-related companies. The ETF will track the price and yield performance of the MVIS Global Digital Assets Equity Index, which is focused on performance of crypto-related companies.
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