VanEck files for spot Bitcoin ETF despite Grayscale rejection

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Invest­ment firm VanEck has filed an appli­ca­tion for a spot Bit­coin exchange-trad­ed fund (ETF) with the U.S. Secu­ri­ties and Exchange Com­mis­sion (SEC), despite Grayscale’s appli­ca­tion get­ting reject­ed on Tuesday. 

See relat­ed arti­cle: Next step for spot Bit­coin ETF in the US may be a court­room battle

Fast facts

  • VanEck had filed for a spot Bit­coin ETF, but was reject­ed by the SEC in Novem­ber 2021. 
  • The SEC has cit­ed con­cerns about mar­ket manip­u­la­tion and investor pro­tec­tion in turn­ing down all spot Bit­coin ETF appli­ca­tions to date. 
  • The reg­u­la­tor has approved Bit­coin ETFs based on futures con­tracts and derivatives. 
  • The SEC approved exchange-trad­ed prod­ucts for oth­er com­modi­ties and cur­ren­cies in unreg­u­lat­ed mar­kets and the agency relied on the under­ly­ing futures mar­ket as the reg­u­lat­ed mar­ket to form the basis for approvals, VanEck’s fil­ing said. 
  • “[The] prece­dent makes clear that an under­ly­ing mar­ket for a spot com­mod­i­ty or cur­ren­cy being a reg­u­lat­ed mar­ket would actu­al­ly be an excep­tion to the norm,” the fil­ing said. 

See relat­ed arti­cle: VanEck Bit­coin-linked ETF XBTF price slight­ly down in CBOE debut



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