US SEC rejects VanEck’s spot BTC trust application
It is reported that the United States Securities and Exchange Commission (SEC) on March 10 ordered against a rule change that allowed the investment company VanEck to create a spot Bitcoin trust. The committee members Mark Uyeda and Hester Peirce issued a statement that the SEC has rejected all the submitted applications for BTC trust, which has reached nearly 20 in the past six years. They said that the SEC’s review of ETP applicants was “double standard”. “In our view, the standards used by the Commission for other types of commodity-based ETPs are different from those used in the past and now, so as to keep these spot Bitcoin ETPs away from the exchanges we supervise.
Interpretation of this information:
The United States Securities and Exchange Commission (SEC) has rejected the rule change that would have allowed VanEck to create a Bitcoin trust, as well as all other applications for BTC trusts. Despite almost 20 applications being submitted in the past six years, the SEC has been criticized for using “double standards” in their review process, making it more difficult for spot Bitcoin ETPs to be listed on regulated exchanges. The committee members, Mark Uyeda and Hester Peirce, believe that the standards for commodity-based ETPs are different from those used for Bitcoin ETPs, leading to an unfair disadvantage for Bitcoin-based products.
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