VanEck CEO Says “No Chance” on the Future of a Spot Bitcoin ETF in the US
A bitcoin-spot exchange traded fund may not be in the cards for investors any time soon, VanEck CEO Jan van Eck alluded to last week.
During the Bitcoin 2023 conference in Miami last week, Van Eck was asked what the likelihood of a spot bitcoin ETF in the US.
His response was “no chance.”Firms have been vying for a spot bitcoin ETF for years to no avail. Grayscale, the world’s largest digital asset manager, has tried to convert one of its funds, GBTC, into a spot bitcoin ETF, which was rejected by the US Securities and Exchange Commission.The company then filed a lawsuit over the decision, which is currently playing out in a Washington DC court with a final decision expected later this year. “Even if the SEC loses a Grayscale litigation, they’ll just drag their feet, appeal” Van Eck said. “So I just don’t see that in the next year and a half.”The SEC has not ever approved of a spot bitcoin ETF, citing concerns over fraud and manipulation in previous rejections.
The regulator rejected a proposal in March to list and trade shares of the VanEck Bitcoin Trust, which was a spot bitcoin ETF.
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