U.S. SEC disapproves proposed rule to list, trade shares of VanEck bitcoin trust
By Katanga Johnson
(Reuters) -The U.S. Securities and Exchange Commission (SEC) on Friday rejected rule modifications that can have allowed the itemizing and shopping for and promoting of the VanEck bitcoin change traded fund (ETF).
In March, the Cboe BZX Exchange Inc filed a proposed rule change to report and trade shares of the VanEck Bitcoin Trust beneath BZX Rule.
“The Commission applies the an identical regular utilized in its orders considering earlier proposals to report bitcoin-based commodity trusts and bitcoin-based trust issued receipts — that it have to be designed to cease fraudulent and manipulative acts and practices,” the SEC talked about in its order.
“The Commission concludes that BZX has not met its burden.”
The switch by the SEC comes after the regulator has twice …