After the SEC refused to approve the “VanEck” Bitcoin ETF… Here’s What the Crypto Community Can Learn
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Answer After the SEC refused to approve the “VanEck” Bitcoin ETF… Here’s What the Crypto Community Can Learn
The SEC had until November 14 to decide whether or not to approve the Bitcoin “VanEck ETF,” the first fund awaiting approval to be traded on the exchange.
VanEck’s bitcoin ETF request is among a long list of many “spot” ETF approval requests on the regulator’s desk.
But finally, the Securities and Exchange Commission (SEC) rejected this, stating that the bitcoin spot market is vulnerable to “fraud and manipulation.”
SEC Rejects Bitcoin ETF “VanEck”:
According to a filing on Friday, the Securities and Exchange Commission (SEC) rejected a proposal and request to allow the listing and trading of VanEck’s Bitcoin Trust (BTC) Trust shares on the exchange.Read:Venezuela integrates Bitcoin and Litecoin wallets into a government cryptocurrency exchange
Without using too many words, the SEC stated that such a rule change in favor of approving a spot bitcoin ETF, would be at the expense of investors and the public interest.
Interestingly, this rejection was very expected in the crypto community based on two events:
First, SEC chair Gary Gensler has always been clear about the agency’s reservations about expanding crypto offerings, particularly the “spot” Bitcoin ETF.
All along, the authority has claimed that there can be no such thing unless there is a clear rule outlining the regulatory bodies that control the different crypto spaces, such as cryptocurrency exchanges.
Another indication that rejection was coming, is the legislation put in place along with the recent infrastructure bill, which imposes onerous reporting requirements on cryptocurrencies.
No wonder industry experts including Eric Balchonas, a Bloomberg ETF analyst, previously told that the SEC was unlikely to approve VanEck.
What can crypto-lovers take away from this rejection?
As a reminder, the SEC had already delayed deciding on Bitcoin ETF applications at least twice before the latest rejection.
But there are some glimmers of hope for the authority’s approval in the future, as the authority still has many such requests.Read:Coinbase CEO: We now have $1 billion in trustee account
Currently, a question on the minds of many users is whether crypto enthusiasts are deluding themselves into believing that the Bitcoin ETF will eventually appear.
As the problem is not related to the issue itself as much as to which body will specialize, regulate, monitor and monitor Bitcoin ETFs, whether it will be the Securities and Exchange Commission or the Commodity Futures Trading Commission (CFTC).Read:Binance is studying the possibility of joining as a “Node” to the “Facebook” cryptocurrency
While bitcoin is a commodity and should normally be under the control of the CFTC, the bitcoin ETF is a security, which is under the jurisdiction of the SEC.
So the SEC may have to maintain the status quo, until there is clear regulatory authority over other parts of the cryptocurrency ecosystem, such as exchanges.
The bottom line is that the SEC will not approve the Bitcoin ETF until the laws are more clear about digital currencies in the USA.
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