VanEck has expressed frustration with the U.S. Securities and Exchange Commission (SEC) because it keeps delaying approval for its Bitcoin ETF options. The company says investors deserve clear and timely decisions instead of silence without explanation.
VanEck’s Matthew Sigel shared a post on X showing frustration with the SEC for delaying the company’s CBOE’s 19b-4 filing without explanations.
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
VanEck asks for answers after the SEC delays a decision on Bitcoin ETF options
The SEC has again delayed a decision on whether to approve options trading for VanEck’s spot Bitcoin ETF trading under the ticker symbol $HODL. This delay further frustrated other crypto asset managers waiting for the SEC to decide on their applications.
VanEck also awaits approval on a similar request to include in-kind creations and redemptions for the same Bitcoin ETF. Still, the SEC has not moved forward on that either. The feature would allow investors to exchange Bitcoin for ETF shares and vice versa directly.
VanEck’s Head of Digital Assets Research, Matthew Sigel, posted on X claiming that the SEC does not explain why it keeps pushing back these decisions. He added that the lack of feedback makes the process more confusing and makes it difficult for applicants to understand what they need to fix or improve.
Matthew described the SEC’s silence as “confounding and frustrating” because it makes the process feel unfair and unpredictable for companies trying to follow all the rules. He also tagged SEC Commissioner Hester Peirce, expecting her Crypto Task Force to step in, provide answers, and show some leadership on an issue affecting many crypto players.
The repeated delays without clear reasoning hurt investor confidence and slow growth and innovation as people feel uncertain about whether the SEC will ever make firm decisions or continue stalling indefinitely.
The SEC keeps delaying crypto ETF decisions while new filings keep coming in
The SEC has again delayed a decision on a major crypto ETF proposal affecting CoinShares’ application for a spot XRP ETF, which would be exposed to XRP through a regulated product.
The SEC pushed back the decision from May 26 to Aug. 24 and sought public comments and rebuttals to the proposal rather than approving or rejecting it.
This delay is one more instance in a trend where the SEC takes longer than usual without providing any explanation for the delay, leaving the applicants and the entire market wondering.
The agency also stalled Fidelity’s proposals for in-kind redemptions in its spot Bitcoin ETF and a similar Ethereum-based product. The in-kind redemption is more efficient and tax-friendly because investors can swap actual crypto for ETF shares rather than using cash.
The pace of new ETF applications is accelerating despite these repeated roadblocks because asset managers believe the rewards of being first to market with new crypto ETF products outweigh the frustrations of dealing with regulatory restraints.
Firms have filed for ETFs based on a range of altcoins, including Solana (SOL), Cardano (ADA), Polkadot (DOT), and XRP for the past few weeks. These products allow investors to access blockchain ecosystems and technologies outside the Bitcoin-Ethereum duopoly.
Canary Capital recently filed to launch a staked Tron ETF that would track the price of the Tron token (TRX) and pass on staking rewards to investors. The SEC acknowledged this application, which shows that it might be warming up to innovative structures, even if it is not ready to approve them yet.
Similarly, companies won’t stop applying because they believe the Trump administration favors crypto more than its predecessor.
Industry leaders have also pointed to leadership changes and evolving political sentiment as signs that the regulatory climate may become more supportive or, at the very least, more predictable.
The SEC has not released new crypto-specific guidance, but it continues to accept and publish new applications through its formal processes, which gives some hope that the agency may be preparing for a new phase of regulatory clarity
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