The decision on the long-awaited Bitcoin Spot exchange-traded fund (ETF) has been announced. The SEC did not reverse its previous decision and announced that it did not approve the spot Bitcoin ETF.
The fact that the Bitcoin futures ETF began trading on the US stock markets in the past days has given investors hope for the spot ETF.
Unfortunately, the SEC decided that the VanEck Spot ETF application it was reviewing was illegal.
When we look at the price action of Bitcoin, we observe that insiders priced it long ago. After this news, the reason for the hard selling at $68,000 was learned.
The SEC announced its decision in 51 pages. According to preliminary information, the Commission based its refusal on the requirements of Section 6(b)(5) of the Exchange Act, in particular the rules of the national stock exchange, “preventing fraud and manipulative acts and practices” and “protecting investors and public interests”.
If we get more details, we will pass it on. Don’t forget to turn on your notifications so you don’t miss the last minute developments.
SEC rejects VanEck spot ETF application.#Bitcoin
— Bitcoin System (@bitcoinsystem) November 12, 2021