Why the SEC's Stance on Bitcoin ETFs May Need to Change


PUBLISHED ON: December 1, 2021

On November 12, 2021 the SEC rejected a bitcoin exchange-traded fund (ETF) proposed by Van Eck Associates Corporation (“VanEck”) that would have directly tracked bitcoin’s spot price movements.

On March 1, 2021, Cboe BZX Exchange, Inc. filed with the SEC pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 thereunder, a proposed rule change to list and trade shares of the VanEck Bitcoin Trust under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares. The proposed rule change was published for comment in the Federal Register on March 19, 2021. If approved, it would have become the first spot bitcoin ETF approved in the U.S.

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