The United States Securities and Exchange Commission, or SEC, has officially disapproved asset manager VanEck’s spot exchange-traded fund months after the firm submitted its application.

SEC filings on Friday show that the SEC rejected a proposed rule change from the Cboe BZX Exchange to list and trade shares of VanEck’s Bitcoin (BTC) Trust. Specifically, the SEC said any rule change in favor of approving the ETF would not be “‘designed to prevent fraudulent and manipulative acts and practices” nor “protect investors and the public interest.”