Markets

SEC Rejects VanEck Bitcoin ETF Listing

12:51PM ET 11/12/2021 MT Newswires
The Securities and Exchange Commission has rejected the CBOE BZX Exchange's proposal to list the VanEck Bitcoin ETF, saying CBOE failed to prove that the ETF will "prevent fraudulent and manipulative acts and practices" and "protect investors

and the public interest."

In a Friday statement, the SEC highlighted the bitcoin market's vulnerability to fraud and manipulation due to lack of regulation. The SEC said CBOE has not only repeated the "various assertions made in prior bitcoin-based ETP proposals" that were rejected but did not respond to the concerns that caused the rejection.

The SEC, however, approved two futures-based bitcoin ETFs, the ProShares Bitcoin Strategy ETF (BITO) and the Valkyrie Bitcoin Strategy ETF (BTF), both of which started trading in October.

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