Gabor Gurbacs, Director of Digital Asset strategy at VanEck, spoke about whether there were any changes made in the VacEck Bitcoin ETF when it was refiled, during an interview with CNBC Crypto Trader. He also spoke about the firm’s stance on the exchange-traded fund.
The Director first spoke about the topic as to whether there were any changes made to the ETF or whether it was the same proposal as before. Here, he remarked that there were indeed some changes made to the recent proposal. He added that the changes were incorporated based on the regulatory feedback and the feedback from market participants. He said:
“some of those changes are related to basically analogous markets so like their gold and commodity markets and some of the shipping markets, freight shipping markets out there and and so we have presented some scenarios where the SEC approved an ETF which had […] less transparency to the market where pricing in those markets were not as built out as Bitcoin”
He went on to say that there were few changes concerning custody pricing and market manipulation. According to him, the changes made by the firm make up an additional 30 pages to their initial proposal, wherein the firm presents a “hardcore analysis” as to why Bitcoin is ready for an ETF.
He further spoke about whether withdrawing their initial proposal due to the government shut-down was a good decision as it gave them an opportunity to make the changes they wanted in the proposal.
“Yes, I believe this proposal is much stronger than sort of the previous one. We just formally incorporated the answers we spent over a year and a half two years educating the SEC and other regulators on this pricing custody and market manipulation concerns and the appropriate answers to that but now as formerly part of the proposal”
This was followed by Gurbacs claiming that VanEck is committed to bringing a Bitcoin ETF to the market and that the 240 days period laid down by the regulatory body decide on its fate is “something that is imposed by law”, even though it is considered as a very important timeline. According to him, the most important aspect is whether the exchange-traded fund addresses the problems, which the firm claims it does.
Furthermore, he also stated that institutional investors are “not comfortable” to step into the cryptocurrency space because of the hacks and uncertainty of the safety of the funds.
“All these hacks and exchange runs and things things like that and and so institutional investors do not feel comfortable engaging if there is not better vehicles and assurances in the market and today there’s just not so we’re trying to kind of bring Bitcoin into you the financial system a little bit better than most other people did”