Matthew Sigel, head of digital asset research at Vaneck, criticized the U.S. Securities and Exchange Commission (SEC) for its delays in its proposal to list options transactions in the company’s Bitcoin Spot ETF.
In particular, the committee continues to issue delayed responses to all recent digital asset-related ETF proposals/modifications despite the Donald Trump administration’s crypto-friendly policies.
SEC delays are frustrating, don’t provide feedback, says Vanek’s Shigeru
On April 3, 2025, the Chicago Exchange Commission (CBOE) submitted proposed rules changes to list options transactions for the Vaneck Bitcoin ETF (HODL). In context, options trading gives investors the right to buy and sell assets at a certain price before a specific date.
Following the huge success of US Bitcoin Spot ETFs, options trading has become a potential mode of market expansion, with several asset managers submitting applications to provide options to their respective ETFs.
In particular, the SEC has granted approval for this request for multiple Bitcoin ETFs, including the Fidelity Wise Origin Bitcoin Fund (FBTC), BlackRock Isshares Bitcoin Trust (IBIT), Grayscale Bitcoin Mini Trust (BTC), and Bitwise Bitcoin ETF (BITB).
However, following the initial 45 days of review, the committee delayed its response to CBOE’s proposal to list trading options in the Vaneck Bitcoin ETF (HODL). In a post on May 23rd, Matthew Sigel strongly criticized the decision. He said he was “irritated” and offered no transparency to investors.
While tagging Hester Pierce, head of the SEC’s Crypto Task Force, Sigel complained that the committee issued a delayed response while not providing comments or feedback along with the decision. Vaneck executives responded to user comments while explaining the asset manager’s objection to the development. He said.
This was the first decision date, so even if the SEC’s initial comment was addressed, it was not rejected, but the delay was delayed. That’s a particularly troublesome lack of feedback…
It is very valuable that delays in response by the SEC are a very common response for digital asset ETF-related proposals. The committee may choose to wait until the final decision deadline, 240 days after application, as seen in the 2024 Bitcoin Spot ETF. However, Sigel’s concern stems from the lack of explanation for this delayed ruling, particularly considering options transactions have been approved for certain other Bitcoin spot ETFs.
Bitcoin price overview
At the time of writing, Bitcoin is trading at $108,349, reflecting profits of 5.23% and 17.71% over the past seven and 30 days, respectively.
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