SEC že tretjič blokira VanEckov predlog Bitcoin ETF

NAKRAJ POKUKATI

• O SEC has denied regulation modification proposed by Cboe BZX <span style="color: #f7f7f7;">Izmenjava</span> in order to list VanEck’s ETF.
• The Commission concludes that BZX has not met its burden under the Exchange Act and the Commission’s Rules of Practice.
• Several commissioners have criticized the regulator’s decision for its unusually restrictive requirements for Bitcoin spot ETP.

Ameriški vrednostni papirji in <span style="color: #f7f7f7;">Izmenjava</span> Commission (SEC) has once again rejected VanEck’s proposal for a Bitcoin  exchange-traded Funds (ETF), citing concerns over the prevention of Trg manipulation. This marks the third time the regulator has denied the proposal, along with competing proposals from Wisdomtree, ARK Invest, and Valkyrie Investments.

According to the relevant document, the SEC has denied a regulation modification proposed by Izmenjava Cboe BZX in order to list VanEck’s exchange-traded fund (ETF).

This follows the SEC’s rejection of the idea less than a year ago. The proposal was introduced for the first time in 2017, and the same situation occurred with the ETF commodity in 2021. Moreover, the SEC has repeatedly postponed its ruling on the Bitcoin spot ETF, resulting in a delayed judgment on the exchange commodity.

Based on a recent judgement, the commission has rejected the proposed rule modification. The Commission concludes that BZX 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 requirements of Exchange Act Section 6(b)(5), which requires, in relevant part, 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.

Moreover the commission went ahead to discuss the terms and conditions under which it would review the proposal again. One of the key factors that the commission will consider in order to review the proposal again is the whether BZX Has met Its burden to demonstrate that the proposal is designed to prevent fraudulent and manipulative acts and practices.

Yet, despite the commission’s determination, several of the commissioners have criticized the regulator’s decision. As per Hester Peirce and Mark Uyeda, although the SEC claims to apply the same standards to previous ETP proposals, the requirements for Bitcoin spot ETPs are “unusually restrictive.”