Bitcoin ETF Hopes Dashed as SEC Rejects VanEck Proposal for Third Time
VanEck’s bid for a Bitcoin spot ETF has once again been rejected by the U.S. Securities and Exchange Commission (SEC), according to a filing on March 10.
The SEC rejected a rule change proposed by Cboe BZX Exchange to list VanEck’s ETF.
This marks the third time the regulator has rejected a VanEck Bitcoin spot ETF proposal, with previous proposals being denied in 2017 and 2021.
The SEC has cited a lack of evidence that ETF providers can prevent market manipulation as a core issue.
Other firms, including ARK Invest, Valkyrie Investments, and WisdomTree, have rejected similar proposals for virtually identical reasons.
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While the SEC’s reasoning has been consistent, two SEC commissioners, Hester Pierce, and Mark Uyeda have criticized the regulator’s decision, claiming that the rules for Bitcoin spot ETPs are unfairly burdensome.
Grayscale has challenged the SEC in court over its proposed ETF conversion, and the case outcome could impact future decisions around ETF approvals.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
