The Securities and Exchange Commission protects investors from fraud, uncovers illegal investment schemes, and investigates insider trading. The SEC has been denying Bitcoin ETF proposals since 2017 and continues to do so. The SEC ideally takes 45 days to render a decision on such proposals.
Van Eck is the CEO of VanEck, a private firm. The SEC has delayed its decision on approving the VanEck Bitcoin Trust. The CEO is sure that the SEC doesn’t have any intention to make a quick decision but to drag it for as long as possible only to deny the request. He also believes that there is only a limited amount of time before Bitcoin shoots up again, and after that, it will be too late for people to get on the Bitcoin ETF train.
It is hard to figure out why this decision is being delayed from the SEC, this is not only beneficial for centralized Exchanges but also for investors who want to get the best of both worlds. However, this has not discouraged investors from putting pressure on the SEC for a reasonable and appropriate decision.