The United States Securities and Exchange Commission’s (SEC) looming verdict on spot Bitcoin exchange-traded funds (ETFs) has become one of the main factors determining the price of BTC and, therefore the fate of the entire crypto market.
One of the questions hovering over the decision is whether the agency will announce the approvals all at once. Jan van Eck, CEO of the VanEck fund management company, said he expected the Commission to approve Bitcoin ETFs in a batch.
In an interview with CNBC, van Eck was asked if he thought the SEC would approve spot Bitcoin ETFs collectively.
He said: “I very much expect it will be all one day.” Van Eck noted the precedent set by the SEC’s approval of the first Ethereum futures ETFs in October.
Although van Eck said his firm was “the first established ETF player” to propose launching a fund with spot Bitcoin exposure, he acknowledged that all asset managers have been affected by a string of holdups.
He said that approving ETF application ahead of the rest would give an “unfair advantage” to its issuer.
As things stand, 13 fund managers have filed applications to list spot Bitcoin ETFs on US exchanges. The most recent filing was submitted by Pando Assets on November 29.
Meanwhile, companies that are furthest along the application process have been engaging closely with the SEC in recent weeks.
As they fine-tune the details of their proposed funds, major asset managers have held a string of meetings with the agency in recent weeks. For example, in what looks like the final sprint before approval, BlackRock has been pushing the SEC to allow “in-like” redemptions that would let investors redeem ETF shares for crypto instead of dollars.