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HomeBitcoin NewsUS SEC Rejects Application for the VanEck’s Bitcoin-Backed ETF

US SEC Rejects Application for the VanEck’s Bitcoin-Backed ETF

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US SEC Turns Down Application for the VanEck’s Bitcoin-Backed ETF

The US Securities and Exchange Commission (SEC )revealed on Friday that it had turned down the application for the VanEck Bitcoin exchange-traded fund(ETF). According to the Financial Times, the disapproval begins concerns over ‘wash trading,’ among other elements like ‘deceptive and manipulative acts and practices.’

The regulator adds that its choice was based on a need to secure financiers’ interests. Furthermore, the Financial Times mentioned that US regulators are concerned that possible scams on the cryptocurrency market could hit regulated exchanges.

“Amongst the issues the SEC raised in the disapproval order consisted of possible ‘wash trading,’ when the very same institution is on both sides of the trade, creating extra charges for minimal risk; potential price manipulation by whales who dominate bitcoin; and possible “manipulative activity involving the supposed ‘stablecoin’ Tether,” the outlet kept in mind.

“We are obviously disappointed in today’s upgrade from the SEC declining approval of our physical bitcoin ETF. We continue to think that financiers need to have the capability to get direct exposure to bitcoin through a regulated investment item which a non-futures ETF structure is the superior approach,” Jan van Eck, President of VanEck, commented in reaction to the news.Suggested short articles ADA Finance in Consortium with BitDegree

Announces Haskell Academy ProgramGo to post > > SEC and Crypto ETFs The announcement can not be unexpected given the history of SEC authorities concerned about trading conditions

in the crypto market and how it might assist strengthen frauds, rip-offs, and abuse, as Gary Gensler, SEC Chair, when stated.At the end of October, the United States SEC declined a minimum of among the two current Bitcoin exchange-traded fund(ETF) applications because of the risky nature of the leveraged monetary products.Such statement came almost 2 days after Valkyrie applied for a leveraged Bitcoin futures ETF and Direxion obtained an inverted fund for bears. Eric Balchunas, Bloomberg’s senior ETF expert, highlighted the current rejection reports and said that it would be fascinating to see if the United States Securities and Exchange Commission let the inverse fund go through. Published at Fri, 12 Nov 2021 21:17:38 +0000

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