SEC rejects VanEck ETF that sought to track bitcoin directly
The Securities and Exchange Commission has rejected VanEck’s application for a “spot” bitcoin exchange-traded fund.
The filing was done by the CBOE BZX Exchange, which wanted the SEC to make a rule change allowing it to list the VanEck bitcoin fund. The SEC said the CBOE had not done enough to demonstrate it could prevent fraudulent trading to protect investors.
That rationale is in line with previous rejections by the SEC of proposed ETFs that would track bitcoin directly. The regulator had previously cited concerns around market manipulation that it wanted addressed before it could ever approve a spot bitcoin ETF.
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