SEC Rejects VanEck Spot Bitcoin Trust Proposal
The United States Securities and Exchange Commission has denied a proposal by investment manager VanEck for the creation of a spot Bitcoin trust, a financial product that would allow investors to trade Bitcoin on regulated exchanges.
This marks the latest instance of the SEC denying every application for a spot Bitcoin trust, with almost 20 such applications having been filed over the last six years.
In a statement, SEC Commissioners Mark Uyeda and Hester Peirce criticized the Commission’s decision and alleged that it was using a different set of criteria to evaluate spot Bitcoin trusts as compared to other commodity-based exchange-traded products (ETPs).
The statement reads, “In our view, the Commission is using a different set of goalposts from those it used—and still uses—for other types of commodity-based ETPs to keep these spot bitcoin ETPs off the exchanges we regulate.” The SEC’s decision comes amidst increasing institutional interest in Bitcoin and cryptocurrency investments, with Bitcoin recently reaching all-time highs in price.
Read more on blockchain.news
![Ethereum [ETH]: Assessing if sliding fees can hasten relay to $2k](https://fvbb.com/storage/thumbs_400/img/2023/3/21/60213_skwrp.jpg)
![Chainlink [LINK] initiates new bull cycle: All you need to know](https://fvbb.com/storage/thumbs_400/img/2023/3/21/60201_epgp.jpg)
