Based on a recent report, the director of Digital Assets Strategy at VanEck, Gabor Gurbacs, has advised the Securities and Exchange Commission (SEC) to be careful with its ruling as regards the bitcoin ETF the agency is currently reviewing. He made it known that approving the ETF could present the agency with an opportunity to regulate the crypto market.
VanEck —SolidX is the Last ETF Standing
Gurbacs made this known during a recent sit down he had with CNBC Crypto Trader. Based on the report provided, it was made known that the SEC has so far rejected nine bitcoin ETFs, as a result of this, the only ETF currently under review with the agency is the one which was filed by VanEck in collaboration with SolidX. The result of the review will be made public by December 29 this year or February 1 the next.
In the sit-down, Gurbacs made it known that apart from presenting a perfect avenue for the agency to effectively regulate the industry, approving the ETF will help bring institutional money into the blockchain industry via security. His reason for this is because ETFs will be better prepared to maximize investor protection and minimize counterparty risks.
He further stated that:
“Right now, 90 to 95 percent of the digital assets space is retail. So people invest via trading platforms that offer low securities and safeties. Investors are not used to it,”
The SEC’s Concern
The SEC has stated its concern for market surveillance and manipulation in the crypto spot trade was the reason behind its final disapproval of the nine bitcoin ETF.
As a result of this, it has been reported that VanEck has taken the SEC’s concern into consideration while modifying its ETF application.
Based on a recent report, VanEck has also mentioned that if the agency does well to approve their ETF application, the action is going to pave the way for both regulators and industry companies to understand how crypto fits into the federal regulatory framework.
In the sit down with CNBC, Gurbacs mentioned that VanEck’s bitcoin product is targeted at securing the interest of its investors while still ensuring that the benefits of connected with crypto are being enjoyed to the fullest.
He also stated that:
“What sets our ETF apart is that it’s a physical bitcoin ETF. So, it stays true to the bitcoin you own in underlying,”