The United States Securities and Exchange Commission, or SEC, has formally disapproved asset supervisor VanEck’s spot exchange-traded fund months after the agency submitted its software.
According to a Friday submitting, the SEC rejected a proposed rule change from the Cboe BZX Exchange to checklist and commerce shares of VanEck’s Bitcoin (BTC) Trust. Specifically, the SEC mentioned any rule change in favor of approving the ETF wouldn’t be “‘designed to prevent fraudulent and manipulative acts and practices” nor “protect investors and the public interest.”
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