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VanEck Spot Bitcoin ETF rejected by SEC


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https://www.sec.gov/rules/sro/cboebzx/2021/34-93559.pdf

I'm calling BS on this move by the commission.

They approve a futures based casino Bitcoin ETF to essentially "print more bitcoin on demand" to disrupt the market when they want....

and then reject a Spot price based Bitcoin ETF to "protect the consumer" from market manipulators?

What a clown world we live in....

 

Politicians need to review the SEC fast.

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Grayscale CEO: Bitcoin ETF "has become a political issue"

Michael Sonnenshein, CEO of digital asset management company Grayscale, stated that the ongoing question of whether U.S. regulators will approve Bitcoin spot exchange-traded funds has transcended the “investment world” and attracted politicians, and has “become a political issues". Last week, we saw the support of Representatives Tom Emmer and Darren Soto for the Bitcoin Spot ETF. Sonnenshein referred to the two's arguments and pointed out that the US Securities and Exchange Commission "is actually only worried about the potential Bitcoin market." According to Sonnenshein, the cryptocurrency industry and now politicians are demonstrating that "if you are satisfied with derivatives and the pricing of these futures contracts comes from the spot market itself, then you are essentially satisfied with the spot market."

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