Matthew Sigel, head of Vaneck’s digital asset research, criticized the Securities and Exchange Commission (SEC) for delaying the response, which listed option trading on the company’s Bitcoin spot ETF.
It is worth noting that despite the crypto-friendly policy of the Donald Trump administration, the Commission continues to respond to all digital assets-related ETF proposals/amendments.
SEC delays are frustrating and no feedback is provided, Vaneck’s Sigel says
On April 3, 2025, the Chicago Trading Commission (CBOE) proposed a proposed rule change to list options trading on the Vaneck Bitcoin ETF (HODL). In the context, option trading grants investors the right to buy and sell assets at a specific price before a specific date.
After the huge success of Bitcoin live ETFs in the U.S., options trading became a potential market expansion, with several asset managers submitting applications to offer options to their respective ETFs.
It is worth noting that the SEC has approved multiple Bitcoin ETFs for the request, including the Fidelity Wise Origin Bitcoin Fund (FBTC), BlackRock Ishares Bitcoin Trust (IBIT), Grayscale Bitcale Bitcale Bitcale Bitcoin Mini Trust (BTC), and Bitwise Bitcoin ETF (BitB), among others.
However, after the initial 45-day review, the committee delayed CBOE’s response to listing trading options on the Vaneck Bitcoin ETF (HODL). In the May 23 X post, Matthew Sigel strongly criticized the decision, which he described as “dismasking” and did not provide transparency to investors.
When the SEC’s head of crypto task force Hester Pierce tagged Hester Pierce, Sigel complained that the committee sent a delayed response while providing no comments or feedback. Vaneck Exec explains the asset manager’s objection to this development while responding to user comments. He said.
This is the first decision date, so even if the initial comment from the SEC was resolved, it was not rejected, just delayed. The lack of any feedback is particularly annoying…
It is worth noting that the SEC’s delayed response is a joint response to proposals related to digital assets and ETFs. The committee can choose to wait until the final decision deadline of 240 days after application, which is seen by the Bitcoin Live ETF in 2024. However, Siegel’s concern is due to the lack of explanation for the delayed ruling, especially considering the approval of option trading for certain other Bitcoin live ETFs.
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