English
The US Securities and Exchange Commission rejects VanEck's request to establish a fund to trade on the spot prices of bitcoin
The US Securities and Exchange Commission rejected VanEck's request to set up a bitcoin spot-price fund.
The Securities and Exchange Commission said the central bank had not done enough to demonstrate its ability to prevent fraudulent trading to protect investors.
This rationale is in line with the previous rejection by the US Securities and Exchange Commission of proposed ETFs that would track Bitcoin directly.
Companies have competed to issue the first US ETFs for bitcoin for nearly 10 years, but the SEC has been slow to adopt it, citing concerns about a lack of regulation and the potential for fraud and manipulation in the bitcoin market.
There are currently several other similar ETFs that are awaiting decisions by the SEC.
The rejection comes weeks after the SEC gave the go-ahead for the first Bitcoin-based ETFs to begin trading.
