U.S. Securities and Exchange Commission ( SEC), opposed VanEck’s request for a spot Bitcoin ETF for the third time.
After the SEC objected to VanEck’s spot Bitcoin ETF for the third time, the commission has been divided. Some senators feel that there is a double standard in this regard.
Third Rejection from SEC to VanEck
The U.S. Securities and Exchange Commission on Friday rejected a proposal to list and trade shares of the VanEck Bitcoin Trust. This is the third time the regulator has rejected VanEck’s offer for a spot bitcoin exchange-traded fund.
SEChad rejected a number of ETFs offering tracking of the digital asset, including VanEck’s previous submissions in June last year and in November 2021, citing manipulation concerns.
After the SEC’s refusal, disagreements began among the commission members. Commissioners noted that the SEC has not approved every application for spot Bitcoin (BTC) trust, which has grown to nearly 20 over the past six years. They interpreted the decision on VanEck as “repeating the analysis the Commission gave in each of these recent orders”.
The members of the commission said:
“In our view, the Commission is using a different set of regulations than it used and still uses for other commodity-based ETP types to keep these spot Bitcoin ETPs off the exchanges we regulate.”
