Categories: Market

SEC officially rejects VanEck’s Bitcoin ETF proposal and lowers the BTC price to $ 62,000

VanEck‘s attempt to launch a spot Bitcoin ETF failed.

The VanEck Bitcoin ETF proposal submitted by the global investment manager in March was rejected by the US Securities and Exchange Commission.

In the 51-page decision, the SEC reiterated its concerns about fraud and manipulation in the cryptocurrency market:

The commission concluded that BZX had failed to meet the requirements of the Commercial Act and the Commission’s Code of Conduct to demonstrate the compatibility of its proposal with Section 6 (b) (5) of the Stock Exchange Act and practices to prevent ”and“ protect investors and the public interest ”.

Bitcoin fell to the low of $ 62,000 shortly after the news. However, it has now risen to the $ 64,000 area. The cryptocurrency is down around 6.4% from its record high of $ 69,044 in November.

Source: TradingView

VanEck’s proposal was likely to have been rejected by the SEC, which may explain why there wasn’t a major sell-off.

The SEC approved the first Bitcoin futures-based ETF in October, sparking a rally to record highs.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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