Matthew Sigel, Head of Digital Assets Research at VanEck, publicly criticized the U.S. Securities and Exchange Commission (SEC) for its delayed approval of VanEck's Bitcoin spot ETF options listing application. The SEC has not only postponed its decision on VanEck's Bitcoin ETF options but also failed to provide clear feedback on the related application, causing confusion and frustration among applicants and investors. Recently, the SEC delayed decisions on cryptocurrency ETF applications from multiple asset management firms, including CoinShares' XRP spot ETF and Fidelity's Bitcoin and Ethereum spot ETFs. Despite these delays, asset managers continue to actively submit more cryptocurrency ETF applications, covering various crypto assets such as Cardano, Polkadot, Solana, and XRP. The market widely expects the SEC to increase transparency and respond promptly to investor concerns. SoSoValue is also paying attention to this issue.

HIGHLIGHTS Growing number of crypto ETF delays has triggered community backlash VanEck's Matthew Sigel has called for end to the silence from US SEC Despite delays, expectation for more crypto ETF related filings have grown Asset management firm VanEck has spoken against the visible trend of delaying decisions on Bitcoin ETF amendments and other crypto ETF applications by the United States Securities and Exchange Commission (SEC). To compound these delays, the regulator is not sharing relatable feedback with the community. Drawing on this, Matthew Sigel, VanEck's Head of Digital Assets Research, has called out the regulator, saying investors deserve better than the silence.&nbsp;
VanEck Bitcoin ETF Product Delay
At first, Sigel pointed out on X that the SEC has delayed ruling on CBOE's 19b-4 filing to list options on VanEck Bitcoin ETF with the ticker symbol ‘HODL.’ This is also the case with the delay its proposed In-Kind creations and redemption for the same spot Bitcoin ETF offering.

Per Sigel X's post, whenever the&nbsp;regulator announces such delays, it barely explains the reason behind the action. He tagged Hester Peirce, who leads the Crypto Task Force, a new unit established by the SEC.

Armed with no information in the form of an explanation, applicants wonder what could be wrong with their applications. Matthew Sigel tagged this entire process “confounding and frustrating.”&nbsp;

Speaking on behalf of these applicants, the VanEck Executive noted that Bitcoin ETF stakeholders deserve transparency. In addition, Sigel said investors are worthy of a timely response, an action that seems to be way above the SEC's capacity.
Crypto ETF Delay Growing: What is Happening?
Recently, the number of asset managers whose crypto ETF application decisions have been delayed has jumped a notch. On May 22, the SEC postponed its decision on CoinShares spot XRP ETF.&nbsp;

Instead of issuing a decision, the regulator called for public comments and rebuttals on these filings. As such, the agency pegged the next deadline as August 24 up from the original May 26 timeline.&nbsp;

Fidelity's request to include in-kind redemptions in its spot Bitcoin ETF and the Ethereum counterpart was also delayed by the SEC. In this case, the regulator did not even provide a timeline for when a final decision might be made. It is not clear what the Commission's plans are, but Matthew Sigel believes it should be looked into.
More Crypto ETF Products In View?
Based on recent events around Bitcoin ETF and related offerings, there are expectations that asset management firms might slow down with their applications. On the contrary, these entities are not relenting, and it doesn't appear they will do so anytime soon.

Asset management firms have filed to list and trade funds tied to Cardano, Polkadot, Solana, and even XRP ETFs. It will not be surprising if the application for more altcoin ETFs continues.

They are probably triggered by the fact that the US is now under an administration that appreciates cryptocurrencies. Also, the SEC has not stopped acknowledging these filings. It recently acknowledged Canary's staked Tron ETF filing, sparking optimism within the Tron and broader crypto community.

VanEck Executives Criticize SEC for Delaying Bitcoin ETF Options Approval and Lack of Transparency