VanEck‘s attempt to launch a spot Bitcoin ETF failed.

The VanEck Bitcoin ETF proposal submitted by the global investment manager in March was rejected by the US Securities and Exchange Commission.

In the 51-page decision, the SEC reiterated its concerns about fraud and manipulation in the cryptocurrency market:

The commission concluded that BZX had failed to meet the requirements of the Commercial Act and the Commission’s Code of Conduct to demonstrate the compatibility of its proposal with Section 6 (b) (5) of the Stock Exchange Act and practices to prevent ”and“ protect investors and the public interest ”.

Bitcoin fell to the low of $ 62,000 shortly after the news. However, it has now risen to the $ 64,000 area. The cryptocurrency is down around 6.4% from its record high of $ 69,044 in November.

Source: TradingView

VanEck’s proposal was likely to have been rejected by the SEC, which may explain why there wasn’t a major sell-off.

The SEC approved the first Bitcoin futures-based ETF in October, sparking a rally to record highs.

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