BREAKING: SEC Rejects Spot Bitcoin ETF
VanEck's long-shot attempt to launch a spot Bitcoin exchange-traded fund has failed.
The VanEck Bitcoin ETF proposal, which was submitted by the global investment manager in March, has been rejected by the U.S. Securities and Exchange Commission.
In a 51-page order, the SEC expresses its concerns regarding fraud and manipulation in the crypto market:
The Commission concludes that BZX has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section 6(b)(5), in particular, the requirement that the rules of a national securities exchange be “designed to prevent fraudulent and manipulative acts and practices” and “to protect investors and the public interest.”
Bitcoin has dropped to the low-$62,000 level on the news.
The SEC approved the first Bitcoin futures ETF in October, prompting a rally to record highs.Source