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Vaneck's Spot Bitcoin ETF Is Rejected By The SEC

Mary Liu

Summary: Vaneck's filing for a spot Bitcoin ETF --VanEck Bitcoin Trust (BZX)--was rejected by the US Securities and Exchange Commission (SEC), according to a notice published on Friday. The SEC stated that the BZX failed to prove that it complied with the rules, mentioned concerns about preventing fraud and manipulation, protecting investors and the public interest. ...

Vaneck's filing for a spot Bitcoin ETF --VanEck Bitcoin Trust (BZX)--was rejected by the US Securities and Exchange Commission (SEC), according to a notice published on Friday. The SEC stated that the BZX failed to prove that it complied with the rules, mentioned concerns about preventing fraud and manipulation, protecting investors and the public interest.

As SEC Chairman Gary Gensler has repeatedly stated that he prefers Bitcoin futures ETFs to spot Bitcoin ETFs, Friday's resolution is in line with industry expectations.

Data from the Bitpush Terminal shows that as of press time, BTC was trading around $63K, a 24-hour drop of nearly 4%.

By Mary Liu

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