Matthew Sigel, the pinnacle of digital belongings analysis at VanEck, has criticized the US Securities and Exchange Commission (SEC) over a delayed response on a proposal to listing choices buying and selling on the agency’s Bitcoin Spot ETF.
Notably, the Commission has continued to concern delayed responses to all latest digital asset-related ETF proposals/amendments regardless of a crypto-friendly coverage of the Donald Trump Administration.
SEC Delay Is Frustrating, Offers No Feedback, VanEck’s Sigel Says
On April 3, 2025, the Chicago Board of Exchange (Cboe) filed a proposed rule change to listing choices buying and selling on the VanEck Bitcoin ETF (HODL). For context, choices buying and selling grants buyers the fitting to purchase and promote an asset at a particular worth earlier than a sure date.
Following the resounding success of the US Bitcoin Spot ETFs, choices buying and selling grew to become a possible mode of market growth, with a number of asset managers submitting purposes to supply choices to their respective ETFs.
Notably, the SEC has granted approval for this request for a number of Bitcoin ETFs, together with the Fidelity Wise Origin Bitcoin Fund (FBTC), BlackRock iShares Bitcoin Trust (IBIT), Grayscale Bitcoin Mini Trust (BTC), and the Bitwise Bitcoin ETF (BITB), amongst others.
However, following the preliminary 45-day evaluate, the Commission has delayed a response on Cboe’s proposal to listing buying and selling choices on the VanEck Bitcoin ETF (HODL). In an X post on May 23, Matthew Sigel strongly criticized this choice, which he described as “frustrating” and provided no transparency to buyers.
While tagging Hester Pierce, the Head of the SEC’s Crypto Task Force, Sigel complained that the Commission had issued a delayed response whereas providing no feedback or suggestions together with this choice. The VanEck Exec defined the asset supervisor’s objection to this growth whereas responding to a person remark. He mentioned.
This was the primary choice date, so it has not been rejected, simply delayed, although the SEC’s preliminary feedback had been addressed. It’s the dearth of any suggestions that’s significantly irksome…
It is very price noting that delayed responses by the SEC have been fairly a standard response for digital belongings ETF-related proposals. The Commission can select to attend until the ultimate choice deadline, i.e., 240 days after the appliance, as seen with the Bitcoin Spot ETFs in 2024. However, Sigel’s considerations stem from an absence of an evidence on this delayed ruling, particularly contemplating that choices buying and selling has been authorised for sure different Bitcoin Spot ETFs.
Bitcoin Price Overview
At the time of writing, Bitcoin trades at $108,349, reflecting beneficial properties of 5.23% and 17.71% previously seven and 30 days, respectively.
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