US SEC rejects VanEck's spot Bitcoin ETF application - Aliens: AI Crypto News & Markets Updates

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US SEC rejects VanEck's spot Bitcoin ETF application

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Sat, Nov 13, 2021

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The US Securities and Exchange Commission (SEC) rejected VanEck's spot Bitcoin ETF application on Friday. The agency had postponed its final decision on the application from September to November 14. In a 51-page letter, the SEC wrote: "the Commission concludes that [the fund] has not met its burden under the Exchange Act and the Commission's Rules of Practice to demonstrate that its proposal is consistent with … the requirement that the rules of a national securities exchange be 'designed to prevent fraudulent and manipulative acts and practices and to 'protect investors and the public interest."

Previously, VanEck submitted a registration form to the US SEC at the end of last year to activate the VanEck Bitcoin Trust. If approved, this will be the first Bitcoin ETF approved by the US SEC. The share of the ETF will trade on the CBOE BZX exchange. VanEck had previously applied for similar products twice but later withdrew them.

In March of this year, the Chicago Board Options Exchange (CBOE) sought the US SEC to approve the first US Bitcoin ETF listing. It appears that CBOE submitted an application requesting the SEC to approve the listing and trading of VanEck Bitcoin Trust. CBOE officials stated that the listing application relied on the S-1 form file submitted by VanEck on December 30 last year.

Source: CoinDesk

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