SEC Rejects VanEck Bitcoin ETF Spot Direct Exposure

  • The SEC has rejected VanEck’s spot bitcoin ETF proposal.
  • The filer had not demonstrated that its proposal abides by the nationwide necessities for such an providing, the SEC defined in a disapproval letter.
  • It is unclear when the fee would really feel comfy approving a spot BTC ETF within the U.S., however buyers can nonetheless purchase bitcoin themselves  a greater choice.

The VanEck spot bitcoin exchange-traded fund (ETF) has been rejected by the Securities and Exchange Commission (SEC), according to a disapproval letter launched on November 12.

The fund sought direct bitcoin publicity by holding BTC and providing associated shares to U.S. buyers. However, the SEC hasn’t conceded to the general public’s demand and stays skeptical of such an providing.

The Cboe BZX Exchange filed with the SEC in March, proposing a rule change to listing and trade shares of the VanEck Bitcoin Trust. After the SEC delayed the evaluation of the submitting a number of occasions all year long, it reached a conclusion within the letter launched right now.

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