The United States Securities and Exchange Commission (SEC) officially rejected asset manager VanEck’s spot bitcoin exchange trade fund months after filing the application.

In 12 filings, the SEC rejected a proposed rule change to the Cboe Exchange BZX for the listing and trading of shares in VanEcks Bitcoin (BTC) Trust. Specifically, the SEC said any rule changes that benefit ETF approval are not “intended to prevent” fraudulent and manipulative practices and practices or to “protect investors,” private and public interest.

“The commission concluded that BZX has failed to meet its burden under the Exchange Act and the Commission’s Code of Conduct to demonstrate that its proposal complies with the requirements of the section of the Exchange Act,” the SEC said, adding:

“It is important that an exchange listing a derivative product enter into a custody arrangement with the trading markets for underlying assets in order for the public exchange to be able to gather information about the underlying asset on fraud and market manipulation, as well as violations of exchange regulations and prevent applicable federal securities laws and regulations. ”

Regulators have up to 240 days to approve or reject an offer after it was posted in the Federal Register on March 19, allowing the SEC to make a decision until November 14, extended April 28 and September 8 , Eric Balchunas speak He put the likelihood of the SEC approving the VanEck fund at less than 1% based on its track record of rejecting offers from crypto-related investment firms, a prediction that has finally come true.

“[The SEC] solves the contradiction of not treating CME as a big regulatory market by rejecting spots but then approving futures ETFs, ”said Balchunas. “That’s a good point, but the SEC doesn’t care. Without it. Basically, logic and reason are overwhelmed by technical legitimacy. “

Related: Report reveals that BlackRock has “no current plans” to launch crypto ETFs on time for VanEck’s offering methods

The impact on the price of Bitcoin has caused the crypto asset to drop to $ 62,300 in the last hour before returning to $ 62,976.

This story evolves and is updated.

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