The U.S. Securities and Exchange Commission (SEC) on Friday rejected a proposal to list and trade the shares of the VanEck Bitcoin Trust, with the regulatory agency VanEck’s spotlight. bitcoin announced that it has rejected applications for exchange-traded funds (ETFs) for the third time.
The SEC, including VanEck’s previous filings in June last year and in November 2021, BTC He rejected a number of ETFs that offered to follow, citing concerns about market manipulation.
Commissioners Criticize SEC’s Bitcoin ETF Decision
However, some SEC commissioners were dissatisfied with the agency’s move in this direction. SEC Commissioners Mark Uyeda and Hester Peirce issued a joint statement on the matter:
“In our view, the Commission is using a different set of standards than it currently uses, specifically for other commodity-based ETP types, to keep these spot bitcoin ETPs out of our regulated exchanges.
It is also clear that the Commission uses a uniquely compelling definition of ‘significant’ in its analysis of spot bitcoin ETP applications.”
Commissioners said the SEC does not require any indication of linkage between the spot and futures markets for other commodity-based ETPs, and that “significant” applies to the liquidity and volume of the trading center where it does not include Bitcoin.
Commissioners noted that the SEC has rejected every application for nearly 20 spot Bitcoin (BTC) funds in the past six years.
*Not investment advice.
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