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On Friday, November 12, the US Securities and Exchange Commission (SEC) rejected Vaneck’s Bitcoin Spot Market Exchange Traded Fund (ETF). US regulators pointed out that the refusal was due to a lack of prevention of “fraud and manipulative behaviors and practices.”
The U.S. Securities and Exchange Commission rejects spot market ETFs-U.S. regulators believe that investors should be provided with more protection from manipulation
- After some bitcoin ETFs that used the futures market were approved, the US Securities and Exchange Commission rejected Vaneck’s bitcoin spot market ETF on Friday. So far, US regulators have not approved any Bitcoin ETF linked to spot market prices.
- exist Its verdict, The US Securities and Exchange Commission explained that spot market ETF products are involved in “[protecting] Investor and public interest. The Vaneck ETF was rejected for “requiring the national stock exchange’s rules to be “designed to prevent fraud and manipulative behaviors and practices.”
- On the one hand, standards need to include “surveillance sharing agreements” because they “provide the necessary deterrence against manipulation because they promote the availability of information required for a full investigation when manipulation occurs,” the SEC ruling details.
- The SEC also cited the refusal of the Winklevoss ETF, which two investors tried to obtain approval a few years ago. The U.S. regulatory agency’s ruling explained that for most commodity trust ETPs, the fund must sign some type of market-related “regulatory sharing agreement” or “inter-market regulatory group (“ISG”) membership”.
- Fund BZX believes that “such manipulation concerns have been adequately alleviated, and growing and quantifiable investor protection concerns should be [be] It is sufficient to justify the exemption from the necessary surveillance sharing agreement. “
- The SEC’s ruling concluded that the current core consideration for regulators is “potential manipulation of Bitcoin.”
What do you think of the US Securities and Exchange Commission’s denial of Vaneck’s Bitcoin spot market ETF? Please tell us your thoughts on this topic in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons, Vaneck logo,
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