Two US SEC Commissioners Blast Their Own Agency for Rejecting VanEck Bitcoin Exchange-Traded Fund Application
Two commissioners at the US Securities and Exchange Commission (SEC) are blasting their own agency after the regulator shot down another Bitcoin (BTC) exchange-traded fund (ETF) application.
The SEC on Friday rejected a Bitcoin spot ETF application from VanEck, a US-based ETF and fund manager.
Unlike the Bitcoin futures ETF, which will be linked to derivative contracts linked to BTC, a spot Bitcoin ETF will be directly backed by the reference cryptocurrency.
SEC Commissioners Hester Peirce and Mark Uyeda released a statement accusing their own agency of holding Bitcoin spot ETF applications to a “tailored standard that may be impossible for any product to meet.”
“Nearly six years have passed since the Commission, through authority delegated to the Department of Trade and Markets, issued its first order rejecting an application by an exchange to list and trade an exchange-traded product (‘ETP’) designed to track the price of spot Bitcoin. Despite the significant developments in the Bitcoin market, the commission has continued to reject every such submission that has come before it. In our view, the Commission is using a different set of targets than those it used – and continues to use – for other types of commodity-based ETPs to keep these spot bitcoin ETPs off the exchanges we regulate.”
Peirce and Uyeda say the application rejections have hurt the Bitcoin market in the US by preventing it from institutionalizing and becoming safer.
“Because we believe that the spot Bitcoin ETP should be subject to the same standards that the Commission has applied to all other types of commodity-based ETP and because we believe that the poorly designed test used here is not fit for purpose and will inhibit innovation – and thereby harm investors – in our markets we are dissenters.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
