VanEck was denied a spot bitcoin exchange-traded funds by the Securities and Exchange Commission.

CBOE BZX Exchange filed the filing. They wanted to see the SEC make a change to allow VanEck to be listed. SEC stated that the CBOE failed to show enough evidence to prevent fraudulent trading. This was to protect investors.

This reasoning is consistent with past rejections of ETFs which would directly track Bitcoin by the SEC. Before it would approve an ETF that tracks bitcoin directly, the regulator has previously raised concerns over market manipulation.

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