VanEck Criticizes SEC Delays on Bitcoin ETF Options Amid Increasing Crypto ETF Filings

Published: 2025-05-25 10:02:21 |

Matthew Sigel, head of digital assets research at VanEck, has strongly criticized the US Securities and Exchange Commission (SEC) for repeatedly delaying its decision on options trading for the VanEck spot Bitcoin ETF (HODL). The Chicago Board Options Exchange (Cboe) filed for approval on April 3, 2025, and after the initial 45-day review period, the SEC delayed issuing a decision without providing feedback or explanation. This lack of transparency comes despite previous SEC approvals for options trading on spot Bitcoin ETFs from issuers like Fidelity, BlackRock, Grayscale, and Bitwise. Sigel argues that such delays undermine market confidence and transparency, especially when similar products have already received regulatory clarity. The SEC has also postponed decisions on other key crypto ETF proposals, including CoinShares’ spot XRP ETF and Fidelity’s in-kind redemption applications for Bitcoin and Ethereum ETFs. Despite ongoing regulatory uncertainties, there has been a notable increase in new crypto ETF filings tied to altcoins such as SOL, ADA, DOT, and XRP. Industry leaders see these filings as a sign of growing confidence that eventual approval is likely, potentially accelerated under a different political administration. The continued influx of ETF proposals indicates strong bullish sentiment among asset managers toward the future of crypto ETFs, even amid current regulatory headwinds. Market sentiment remains sensitive to SEC actions, as traders seek regulatory cues for Bitcoin and related derivative products. As of the latest report, Bitcoin trades above $108,000, reflecting continued strong market momentum.

Neutral

While the SEC’s delay in approving options trading for the VanEck spot Bitcoin ETF (HODL) has caused frustration over regulatory opacity and may add short-term uncertainty for traders, this is balanced by continuing strong applications for new crypto ETFs, especially in altcoins like SOL, ADA, DOT, and XRP. The market appears to have priced in regulatory delays, and Bitcoin continues to perform strongly above $108,000. Although the lack of immediate regulatory clarity can dampen sentiment and temporarily slow innovation, persistent bullish filings and strong asset manager interest indicate ongoing market optimism for the long-term growth of crypto ETFs. Therefore, the overall impact on the market is currently neutral—uncertainty persists, but bullish momentum and institutional activity remain robust.