VanEck’s Sigel Questions SEC Silence on Bitcoin ETF Options Filing #CriptoNews

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• VanEck has criticized the SEC for repeated delays in approving its Bitcoin ETF options application.
• The SEC has not provided clear explanations or timelines for decisions on ETF filings.
• Matthew Sigel from VanEck said the lack of communication creates confusion and uncertainty.
• The SEC also delayed decisions on in-kind creation and redemption for VanEck’s Bitcoin ETF.
• Fidelity’s ETF filings for Bitcoin and Ethereum have also been delayed without a clear timeline.

VanEck’s Head of Digital Assets Research has criticized the SEC for repeated delays on Bitcoin ETF-related applications. The delays affect the firm’s options trading application tied to its spot Bitcoin ETF under the ticker ‘HODL.’ The firm raised concerns over the SEC’s lack of timely feedback and failure to issue clear reasons for the postponements.

Matthew Sigel, representing VanEck, highlighted the delay of CBOE’s 19b-4 filing on the HODL options listing. The SEC postponed a decision without explaining or engaging in meaningful communication with applicants. Sigel argued that such prolonged inaction creates confusion and uncertainty for asset managers seeking approval.

SEC again delays ruling on CBOE’s 19b-4 to list options on VanEck $ Hodl ETF.

We find the lack of explanation confounding & frustrating. Investors deserve transparency and timely action. @Hesterpeirce

— matthew sigel, recovering CFA (@matthew_sigel) May 23, 2025

Despite repeated delays, the SEC accepts new filings, yet rarely offers transparent timelines or reasons for inaction. This lack of engagement prompted Sigel to tag SEC Commissioner Hester Peirce, who currently leads the agency’s Crypto Task Force. The firm expressed that approval decisions require clarity and urgency, which are currently absent.

Bitcoin ETF Proposals Face Procedural Delays

The SEC also postponed decisions regarding in-kind creation and redemption for VanEck’s spot Bitcoin ETF. The agency has not given an estimated timeline or rationale for this delay. VanEck sees this as part of a larger pattern of non-responsiveness on digital asset-related filings.

Fidelity’s similar request for in-kind redemptions on its spot Bitcoin and Ethereum ETFs also faced delays, and there was no decision timeline. This development suggests an expanding backlog of unresolved filings at the regulatory level. The SEC’s actions raise concerns over its capacity to manage crypto-based financial product reviews.

While more applications enter the pipeline, the SEC’s response times slow without procedural clarity. This has not stopped asset managers from continuing their efforts, though frustration within the sector continues to grow. Firms now seek regulatory clarity and operational transparency in future communications from the Commission.

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XRP ETF Filing Also Pushed Back

On May 22, the SEC postponed its ruling on CoinShares’ spot XRP ETF application, moving the deadline from May 26 to August 24. Rather than issuing a decision, the regulator requested public comments and rebuttals on the filing. The move added more uncertainty to an already delayed decision-making process.

The call for public feedback reflects the SEC’s shifting strategy in handling crypto-related applications. However, it does not resolve the core concern of timely approvals or denials. Asset managers expected clear guidelines, but the SEC’s response has fallen short.

While the market waits, new XRP-linked filings continue to surface, aiming to maintain momentum amid regulatory hurdles. CoinShares remains active in its pursuit, though further delays could impact near-term product rollouts. The firm and others await definitive action rather than procedural stalling.

Altcoin ETF Interest Gains Despite Regulatory Inertia

Despite regulatory delays, asset managers have not stopped filing new applications for altcoin-based ETFs. Applications to list and trade ETFs tied to Cardano, Polkadot, and Solana have recently increased. These efforts continue as firms remain optimistic about the eventual regulatory approval.

The SEC recently acknowledged a staked Tron ETF application by Canary, signaling ongoing interest in altcoin products. The acknowledgment sparked optimism across the crypto community, though it did not guarantee approval. However, it has been confirmed that the SEC is still actively reviewing such filings.

While regulatory timelines remain uncertain, asset managers maintain confidence in future approval prospects for broader digital asset ETFs. The firms remain committed to expanding product offerings despite procedural inefficiencies.