After two failed attempts, VanEck, which manages a group of investment funds in New York City, filed its Bitcoin ETF file with the SEC.

VanEck keeps trying:

Founded in 1955, VanEck is an American investment giant with approximately $50 billion in assets under management as of 2019.

The company has been actively involved in the cryptocurrency space as well, most notably in its attempts to create a Bitcoin ETF.

A complete guide to what a Bitcoin ETF is and how does it work?

We say a new attempt because VanEck has twice applied to the SEC in an attempt to obtain regulatory approval to launch a Bitcoin ETF.

Read:Security concerns about the security of the Bitcoin network were the main reason behind the decline of Bitcoin!

Although the previous two attempts were unsuccessful, VanEck continues and is committed to launching such a product.

Recently, the company “VanEck” introduced Model S-1 New to the US Securities and Exchange Commission to create a Bitcoin ETF called the VanEck Bitcoin Trust.

As with previous applications, this ETF will be traded on the Cboe BZX exchange.

The VanEck document announced the new order as follows:

In our pursuit of investment objectives, the trust will hold bitcoin and will value its shares daily based on the price of bitcoin according to the “MVIS CryptoCompare” benchmark.

VanEck is the fund’s sponsor, and the Delaware Trust is the index custodian.

Challenges and hopes:

Regardless of VanEck’s previously unsuccessful applications, the US Securities and Exchange Commission (SEC) rejected several other similar attempts, and in 2018 the regulator rejected 9 applications, all for the creation of a Bitcoin ETF.

This has raised questions within the crypto community about whether the regulator will approve VanEck’s new ETF.

Former Securities and Exchange Commission Chairman Jay Clayton said last year that an exchange-traded product to track the underlying cryptocurrency is possible, but there is still much work to be done.

Read:Institutional Demand Continues…Bitcoin ETFs Now Hold Over 22,500 BTC

Clayton highlighted that ETF applicants need to address critical issues, including price manipulation and bitcoin hoarding, before they can hope to receive SEC approval.

With that in mind, the timing of “VanEck” seems intriguing.

The company’s latest attempt came shortly after Clayton stepped down.

Nate Geracci, president of the investment advisory firm at ETF Store, told ETF Store that the ETF registration application at this moment indicates that VanEck believes there are different views within the SEC.

Gerracci made it clear that President Biden’s selection for the next Securities and Exchange Commission chair would be the key to resolving this long-running drama.

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