No Luck For Bitcoin's Spot ETF: SEC Rejects VanEck's Application

The United States Securities and Exchange Commission rejected the proposal for a spot Bitcoin BTC/USD exchange-traded fund submitted by asset manager VanEck.

What Happened: Chicago Board Options Exchange BZX Exchange's filing asking the SEC to make a rule change that would allow it to list VanEck's Bitcoin fund was rejected, according to a CNBC report. The regulator argued the exchange has not done enough to prove that it could prevent fraudulent traders and protect its investors.

See Also: IS BITCOIN A GOOD INVESTMENT?

This reason is in line with views previously shared by the SEC, which refused to approve ETFs that would track Bitcoin directly for many years.

For now, Bitcoin proponents will have to accept the half-victory of the approval of the ETFs that track Bitcoin futures contracts that took place in October and were met with great enthusiasm by market participants.

BTC Price Action: As of press time, Bitcoin is trading at $63,288 after seeing its value decrease by about 2.82% over the last 24 hours according to CoinMarketCap.