VanEck’s proposal to create a spot Bitcoin ETF was rejected by the United States Securities and Exchange Commission. After several delays, the agency has finally rejected VanEck’s proposal for a spot Bitcoin ETF.
VanEck, a global investment manager, has been one of the most active when it comes to filing with SEC to launch Bitcoin ETFs. VanEck’s spot Bitcoin ETF request was rejected by the SEC on Friday. The agency prohibited CBOE BZX Exchange to list its shares.
“This order disapproves of the proposed rule modification. “The Commission concludes that BZX does not have the Exchange Act burden.” – the document.
The SEC also stated that VanEck and BZX were unable address prior hurdles. These were designed to protect investors and the public interests and prevent fraud and manipulation acts and practices. The most attractive option for investors today is the physical Bitcoin ETF.
Gabor Gurbacs (@gaborgurbacs), November 12, 2021
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