{"id":10843,"date":"2023-03-11T08:42:18","date_gmt":"2023-03-11T08:42:18","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=10843"},"modified":"2023-03-11T08:42:19","modified_gmt":"2023-03-11T08:42:19","slug":"sec-denies-vaneck-bitcoin-spot-etf-for-a-third-time-commissioners-dissent","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10843","title":{"rendered":"SEC denies VanEck Bitcoin spot ETF for a third time; commissioners dissent"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<h2>Ad<\/h2>\n<p>The U.S. Securities and Exchange Commission (SEC) has once again rejected VanEck\u2019s proposal for a Bitcoin spot ETF, according to a March 10 filing.<\/p>\n<h2>SEC rejects VanEck Bitcoin ETF<\/h2>\n<p>The relevant filing indicates that the SEC has rejected a rule change through which Cboe BZX Exchange intended to list VanEck\u2019s exchange-traded fund (ETF).<\/p>\n<p>The SEC rejected the proposal less than one year after it was first put forward on June 24, 2022. The regulator previously denied similar proposals for a VanEck Bitcoin spot ETF in 2021 and 2017. It also delayed a decision on the product multiple times.<\/p>\n<p>The core issue, according to the SEC, is that ETF providers have not shown that they can prevent market manipulation. Specifically, those providers have not shown that they have a surveillance-sharing agreement with a significantly-sized market.<\/p>\n<p>The SEC has also rejected competing proposals from other firms such as Wisdomtree, ARK Invest, and Valkyrie Investments on virtually identical grounds.<\/p>\n<h2>Commissioners dissent<\/h2>\n<p>Though the SEC\u2019s reasoning has been applied repeatedly, two SEC commissioners \u2060\u2014 Hester Peirce and Mark Uyeda \u2060\u2014 criticized the regulator\u2019s decision today.<\/p>\n<p>They noted that it has been six years since the SEC rejected the first application for a spot Bitcoin exchange-traded fund or exchange-traded product (ETP).<\/p>\n<p>Though the SEC claims it applies the same rules to other ETP proposals, Peirce and Uyeda say that its rules for Bitcoin spot ETPs are in fact \u201cuniquely burdensome.\u201d<\/p>\n<p>Specifically, they argue that the SEC\u2019s rules for determining a \u201csignificant\u201d market usually apply to a particular trading venue, not an overall market. They also say that the SEC applies a two-part test: first, whether someone attempting to manipulate the market would also need to trade on the relevant market so that surveillance measures are effective, and second, whether ETP trading would be a predominant influence on prices in the relevant market. These criteria are only applied to crypto products, they say.<\/p>\n<p>Peirce has previously expressed criticism towards her agency\u2019s stance, and as such, her latest dissent may not impact future decisions around ETF approvals.<\/p>\n<p>Elsewhere, Grayscale\u2019s decision to challenge the SEC in court over its proposed ETF conversion could help that company win approval, depending on the outcome.<\/p>\n<p>Posted In: Bitcoin, Regulation<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/sec-denies-vaneck-bitcoin-spot-etf-for-a-third-time-commissioners-dissent\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ad The U.S. Securities and Exchange Commission (SEC) has once again rejected VanEck\u2019s proposal for a Bitcoin spot ETF, according to a March 10 filing. SEC rejects VanEck Bitcoin ETF The relevant filing indicates that the SEC has rejected a rule change through which Cboe BZX Exchange intended to list VanEck\u2019s exchange-traded fund (ETF). The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10844,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-10843","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10843","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10843"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10843\/revisions"}],"predecessor-version":[{"id":10845,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10843\/revisions\/10845"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10844"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}