Jan van Eck, CEO of investment management giant VanEck, told Bloomberg that he does not expect spot Bitcoin ETF approval in the near future.
VanEck applied for a spot Bitcoin ETF last month. However, the SEC withdrew the proposal in November, citing concerns about regulatory uncertainty and market manipulation.
The SEC has approved several futures Bitcoin ETFs prior to this, giving the market a short-term boost. However, the regulator refused to approve an ETF that would allow direct investment in Bitcoin.
Grayscale CEO Michael Sonnenshein was among the critics of this stance of the regulator. According to him, the SEC’s spot Bitcoin ETF approval is only a matter of time.
Jan van Eck also stated on Anthony Pompliano’s podcast, which he recently joined, that the spot Bitcoin ETF has been held hostage by the SEC. According to the CEO, the SEC wants to increase its influence over the crypto industry.
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