SEC Rejects VanEck’s Spot Market Bitcoin ETF

Following a series of delays, the U.S. Securities and Exchange Commission today rejected investment firm VanEck’s application to launch an exchange-traded fund that directly tracks the price of Bitcoin.

In its ruling, the SEC again cited concerns that the Bitcoin spot market is prone to “fraud and manipulation.” To date, the Commission has only allowed Bitcoin ETFs linked to futures, contracts that bet on the future price of Bitcoin and which are regulated by the CFTC, to move forward.

This story is developing and will be updated.

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