Fun

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

News Feed - 2021-08-12 05:08:03

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. Multi-Billion Dollar Wealth Manager Neuberger Berman Adds Exposure to Bitcoin, Ethereum FINANCE | 2 hours ago Q2 Earnings Show Coinbase Raked in $2 Billion — Firm Forms Partnerships With Elon Musk, PNC Bank, Spacex FINANCE | 11 hours ago Tags in this story 1940 Act, Bitcoin Futures ETF, CME’s bitcoin futures, Elizabeth Warren, Futures ETF, Gabor Gurbacs, Gary Gensler, Investment Company Act of 1940, Regulation, SEC, sec chair, vaneck, Vaneck Bitcoin Futures ETF, Vaneck ETF, Wealth Management Company, wealth manager


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Tom Blackstone7 hours agoEra Lend on zkSync exploited for $3.4M in reentrancy attackThe lending app was drained of funds using a “read-only reentrancy” bug, a type of vulnerability that is often difficult for auditor
Best New Meme Coins on Presale as Bitcoin Nears Next Bull Run
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Crypto Exchange Bybit Partners With Innovation Growth Hub to Launch Blockchain Education Program
Crypto Exchange Bybit Partners With Innovation Growth Hub to Launch Blockchain Education Program Bybit has said it is inviting African youths that wish to attend a blockchain educa
Tom Mitchelhill3 hours agoSpot Bitcoin ETF hype reignited zest for blockchain games: Yat SiuThe Animoca Brands founder and CEO says spot Bitcoin ETF enthusiasm has directly correlated to increased confidence and activity
ECB’s Lagarde, Panetta See Digital Euro as More Efficient Payment Means Than Crypto
ECB’s Lagarde, Panetta See Digital Euro as More Efficient Payment Means Than Crypto Unbacked cryptocurrencies are not an efficient means of payment and stablecoins are vulnerable
Brayden Lindrea3 hours agoBarnBridge DAO calls halt to ‘all work’ on DeFi protocol amid SEC probeSome DAO members joked about the situation, while others believed an ulterior motive might be at play.914 Total views1
US Seizes 18 Crypto ATMs Purchased Using Fraudulent SBA Loans — Arrests Owner
US Seizes 18 Crypto ATMs Purchased Using Fraudulent SBA Loans — Arrests Owner U.S. law enforcement has seized 18 cryptocurrency ATMs that were purchased using fraudulent loans fr
Kate Winslet to Star in Cryptocurrency Movie About Onecoin Ponzi Scheme
Kate Winslet to Star in Cryptocurrency Movie About Onecoin Ponzi SchemeA movie is being made about Onecoin’s cryptocurrency Ponzi scheme starring Oscar winner Kate Winslet. Th
Despite 23% gains, Bitcoin options traders still not bullish
Marcel Pechman4 hours agoDespite 23% gains, Bitcoin options traders still not bullishDemand for Bitcoin options has been balanced between bulls and bears, meaning whales remain unconviced.3241 Total views104 Total shares
Bexplus Offers 100x Leverage Crypto Trading and Doubles Your Deposit
Bexplus Offers 100x Leverage Crypto Trading and Doubles Your Deposit press release PRESS RELEASE.To help traders earn more cryptocurrency, leading crypto derivatives exchange Bexplu
After Years of Uncertainty, Cryptocurrency Exchanges Can Open Bank Accounts in Chile
After Years of Uncertainty, Cryptocurrency Exchanges Can Open Bank Accounts in Chile After years of court battles in Chile, a cryptocurrency exchange has managed to open a bank acc
Localbitcoins, the Pioneer P2P Bitcoin Exchange, Shuts Down After a Decade of Service Due to Crypto Winter
Localbitcoins, the Pioneer P2P Bitcoin Exchange, Shuts Down After a Decade of Service Due to Crypto Winter Localbitcoins, the Helsinki, Finland-based bitcoin exchange founded in 20