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 has reiterated 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.”
XRP Faces Brutal 11,348% Liquidation Imbalance: What Just Happened?Morning Crypto Report: XRP to $126? Abnormal TV Glitch Reveals Ultimate XRP Price Target, Bitcoin to $25,000: Legendary Trader Brandt Reveals Brutal Timeline, Shiba Inu Unlock Hits 41,128,246,331 SHIB on Major ExchangeEx-Ripple CTO: ‘Rational People’ Don’t See $100 XRP YetCrypto Market Review: Shiba Inu (SHIB): Are There Any Chances? Is XRP Eyeing $1.50? Bitcoin (BTC) Under Bearish Control
Bitcoin has dropped to the low-$62,000 level on the news, and it is currently trading at $62,753 on the Bitstamp exchange. The cryptocurrency is down roughly 8.77% from the record high of $69,044 that was recorded on Nov. 10.
The SEC approved the first futures-based Bitcoin ETF in October, prompting a rally to record highs.
As reported by U.Today, Grayscale filed an application to convert its Bitcoin fund into a spot ETF last month.
Gamza Khanzadaev
Godfrey Benjamin
Arman Shirinyan
Yuri Molchan