Bermuda Post

Sunday, Mar 26, 2023

SEC rejects VanEck's bitcoin ETF

SEC rejects VanEck's bitcoin ETF

It's a no-go for a pure Bitcoin exchange-traded fund.

The Securities and Exchange Commission on Friday rejected VanEck's application submitted earlier this year, noting the firm did not demonstrate it could adequately protect investors under exchange rules that are "designed to prevent fraudulent and manipulative acts and practices" and "to protect investors and the public interest."

VanEck CEO Jan van Eck, in a statement to FOX Business, said:

"We are obviously disappointed in today’s update from the SEC declining approval of our physical bitcoin ETF. We continue to believe that investors should have the ability to gain exposure to bitcoin through a regulated investment product and that a non-futures ETF structure is the superior approach."

The firm did not elaborate on next steps.

Bitcoin, which hit an all-time high this week of $66,990.90, traded lower on Friday and has advanced over 116% this year. Investors are using the asset as a hedge to inflation. This week consumer prices jumped 6.2% in October, the fastest in 31 years.

While the market is void of a physical bitcoin, ETF-related products have passed muster with regulators.

ProShares Bitcoin Strategy ETF, which began trading last month, made a splash listing on the NYSE.

"Putting together a belt and suspenders approach of the regulated futures market and a regulator ETF really provides a robust solution for investors and one they can just put in their brokerage account, trades like a stock," ProShares Global Investment Strategist Simeon Hyman said during an interview on FOX Business’ "The Claman Countdown."

Additionally, WisdomTree’s Enhanced Commodity Strategy Fund beefed up the ETF by adding a 3% allocation to cash-settled Bitcoin futures traded on the Chicago Mercantile Exchange, giving investors a little crypto mixed in with commodities.

"It invests in a broad array of different commodities from gold to livestock to oil and is really focused on a broad commodity exposure. We thought that adding Bitcoin futures would add further differentiation," Ryan Louvar, general counsel at WisdomTree, told FOX Business last month.


Related Articles

Bermuda Post
In a dramatic U-turn against His Government: Judicial Overhaul Legislation Must Be Halted, Says Israeli Defense Minister Yoav Gallant
Powell: Silicon Valley Bank was an 'outlier'
Donald Trump arrested – Twitter goes wild with doctored pictures
NYPD is setting up barricades outside Manhattan Criminal Court ahead of Trump arrest.
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Home Secretary Suella Braverman tours potential migrant housing in Rwanda as asylum deal remains mired in legal challenges
Paris Rioting vs Macron anti democratic law
'Sexual Fantasy' Assignment At US School Outrages Parents
Credit Suisse to borrow $54 billion from Swiss central bank
Russian Hackers Preparing New Cyber Assault Against Ukraine
Jeremy Hunt insists his Budget will get young parents and over-50s back into work
If this was in Tehran, Moscow or Hong Kong
Nashville police officer, and a female driver shooting one another
TRUMP: "Standing before you today, I am the only candidate who can make this promise: I will prevent World War III."
Mexican President Claims Mexico is Safer than the U.S.
A brief banking situation report
Lady bites police officer and gets instantly reaction
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
'No relation to the American SVB': India's SVC Bank acts to calm depositors amid brand name confusion.
Good news: The U.S. government is now guaranteeing all deposits, held by, Silicon Valley Bank, and the funds are available as of today
Silicon Valley Bank exec was Lehman Brothers CFO
In a potential last-ditch effort, HSBC is considering a rescue deal to save Silicon Valley Bank UK from insolvency
BBC Director General, Tim Davie, has apologized, but not resigned, yet, following the disruption of sports programmes over the weekend
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
City officials in Berlin announced on Thursday that all swimmers at public pools will soon be allowed to swim topless
Fitness scam
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
A primitive judge in Australia sparked outrage when he told a breastfeeding woman to leave his courtroom for being “a distraction"
Barcelona is feeling the heat as they face corruption charges over payments to former vice-president of Spain's referees' committee, Jose Maria Enriquez Negreira
Senator Tom Cotton: If the Mexican Government Won’t Stop Cartels from Killing Americans, Then U.S. Government Should
Banking regulators close SVB, the largest bank failure since the financial crisis
The unelected UK Prime Minister Rishi Sunak, an immigrant himself, defends new controversial crackdown on illegal migration
Old clip of Bill Gates saying Ukraine is a big, fat, corrupt sinkhole is going viral
Man’s penis amputated by mistake after he’s wrongly diagnosed with a tumour
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
How do stolen goods end up on Amazon, eBay and Facebook Marketplace?
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Is Gold the Ultimate Safe Haven Asset in Times of Uncertainty?
Spain officials quit over trains that were too wide for tunnels...
Don Lemon, a CNN anchor, has provided a list of five areas that he believes the black community needs to address.
Hello. Here is our news digest from London.
Corruption and Influence Buying Uncovered in International Mainstream Media: Investigation Reveals Growing Disinformation Mercenaries
Givenchy Store in New York Robbed of $50,000 in Merchandise
European MP Clare Daly condemns US attack on Nord Stream
Former U.S. President Carter will spend his remaining time at home and receive hospice care instead of medication
Tucker Carlson called Trump a 'demonic force'
US Joins 15 NATO Nations in Largest Space Data Collection Initiative in History
White House: No ETs over the United States