VanEck’s spot Bitcoin (BTC) exchange-traded fund (ETF) application, with more than $65 billion in assets under management It was rejected for the third time by the US Securities and Exchange Commission (SEC).
The SEC said on March 10, VanEck’s spot Bitcoin The ETF announced that it had rejected its application.
SEC Commissioners Mark Uyeda And Hester Peirce criticizing the decision of the commission double standard commented as:
In our view, the commission does not apply the same tariff it does for other types of spot ETPs to keep these spot Bitcoin ETFs out of regulated exchanges. The SEC is required by law to announce changes to its policy of approving commodity-based ETFs. Otherwise, it is a product of double standards with the decision made.
VanEck has done a lot of work in the past to launch a Bitcoin-focused ETF.
The SEC filed VanEck’s previous filing in November 2021 on the bitcoin market. “fraud and manipulation” He dismissed his cases, citing reasons. VanEck’s application with the final decision on March 10, following rejections in June and November 2022 has been turned down three times in total. If VanEck’s application is approved, the ETF will Cboe BZX would be listed on the stock exchange.
The SEC has so far rejected many applications to set up a bitcoin ETF that will invest in spot markets. However, currently bitcoin ETFs that invest in futures markets exists.