New York-based money manager VanEck application for VanEck Vectors Bitcoin Strategy ETF was rejected:
Pursuant to Rule 477 of the Securities Act of 1933, as amended (the “1933 Act”), the Trust hereby respectfully requests withdrawal of Post-Effective Amendment No. 2,562 (the “Amendment”), which was filed with the Securities and Exchange Commission (the “Commission”)
The Big positive news is that rejection was not because of the Bitcoin ineligibility, but for incorrectly choosing the instrument:
The Staff requested that the Trust withdraw the Amendment until such time as the underlying instruments in which the Fund intends to primarily invest (i.e., bitcoin futures contracts) become available
However, according to CNBC, the Chicago Board Options Exchange said it plans to offer bitcoin futures in the fourth quarter or early next year, pending review by the Commodity Futures Trading Commission.
Could it be a Watershed moment for Bitcoin and crypto community?
