U.S. SEC rejects VanEck’s spot Bitcoin ETF application

The US Securities and Exchange Commission rejected VanEck’s spot Bitcoin ETF application on Friday. In a 51-page order, the SEC reiterated its concerns about fraud and manipulation in the crypto market. The document stated: “The committee concluded that BZX did not perform its duty to prove that its proposal complies with Article 6(b)(5) of the Transaction Law, especially the requirements of the rule The National Stock Exchange is “designed to prevent fraud and manipulative acts and practices” and “protect investors and the public interest.” It is reported that the application was submitted by Cboe BZX exchange in March, and the exchange hoped that the SEC would make rule changes to allow Its listed VanEck Bitcoin Fund.