VanEck, among the pioneering entities globally to submit a filing for a BTC exchange-traded fund (ETF) – will put extensive efforts in its plans to introduce a spot Bitcoin ETF in America.

Specifically, the company has reportedly completed the refiling of an application for a physically-backed Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC).

Submitted on June 24, VanEck’s most recent Bitcoin ETF application reportedly surfaced months following the SEC’s rejection of its previous spot Bitcoin ETF request on November 12th last year. 

The securities regulator reportedly mentioned that its decision on the ETF was driven by its alleged inability to satisfy standards of offering safeguarding for investors and the public interest, together with to “prevent fraudulent and manipulative acts and practices.”

In the most recent filing, VanEck reportedly offered a variety of reasons for the SEC to grant authorization for a Bitcoin ETF this time.

Per the ETF firm, the U.S.-listed spot Bitcoin exchange-traded products (ETP) insufficiency does not stop U.S. funds from amassing exposure to Bitcoin. That is due to the reason that a lot of U.S. ETPs utilize Canadian BTC ETPs to gain exposure to spot BTC. 

“Approving this proposal — and others like it — would provide U.S. ETFs and mutual funds with a U.S.-listed and regulated products to provide such access rather than relying on either flawed products or products listed and primarily regulated in other countries.”

VanEck additionally claimed that granting authorization to a spot Bitcoin ETF would be a logical inititative for the SEC, following the authority decided to enable Bitcoin futures-based ETFs. 

As previously reported, VanEck’s BTC futures ETF trading was available on the Chicago Board Options Exchange beginning November 16th of last year.