La SEC refuse l'application Spot Bitcoin ETF de VanEck

The United States Securities and Exchange Commission (SEC) has announced that it will not accept submissions from the Chicago BZX Exchange (Cboe BZX Exchange, Inc., after the CboeBZX Exchange or CboBZX) was scheduled to operate in November . Month 12. Vaneck Bitcoin ETF Spot

These items were submitted to the SEC by the Cboe BZX exchange in March 2021. The exchange hopes to change the rules to allow the SEC to issue VanEck Bitcoin ETFs. This ETF site tracks the different Bitcoin rates. The CboeBZX exchange is an exchange of the Chicago Board of Securities (CBOE), one of the largest exchanges in the world.

A reporter from Singularity Finance received the warning regarding the above-mentioned CboeBZX Bitcoin Spot ETF on the SEC website.

The announcement was accompanied by an open letter from Kyle Murray, vice president of the SEC. Murray said in a statement that the CBOE is not sufficiently convinced that it can prevent fraud and regulatory fraud and protect the interests of investors and the general public.

Several sources were used to explain the above reasons in the 51-page SEC report. The SEC notes that these reasons are similar to the previous denial of ETFs that directly track Bitcoin. Several years ago, several companies, including VanEck and Cboe, clashed to launch the first Bitcoin ETF, but the SEC disagreed for a long time due to a lack of oversight and concerns about availability on the Bitcoin network. and fraud and manipulation of trading platforms. According to foreign media, VanEck is one of the first applications for the Bitcoin ETF. The first Bitcoin ETF launched in 2018 is the VanEck SolidX Bitcoin Trust in partnership with SolidX.

Although the request was dropped in September 2019, VanEck tried a second time. In December 2020, I submitted a VanEck Bitcoin Trust application to the SEC and planned to trade on the CBOE.

In March 2021, CboeBZX submitted this VanEck Spot Bitcoin ETF application to the SEC in the hope that the SEC would change its policies and allow its products to register and trade on the CboeBZX exchange. The SEC has postponed the final hearing of VanEck's application until September 14, 2021, before approving it on November 12. However, on November 12, SEC Vice President Kyle Murray announced that he denied VanEck any rights to change the names and trades of the Bitcoin ETFs site, a trust-based trading device.

In a statement, the SEC raised several questions on the Bitcoin ETF site, claiming that VanEck had failed to comply with previous SEC rulings on other similar concerns regarding the crypto market. .

The SEC ensures that the CBOE protects investors and the public interest as well as the CBOE Rules of Conduct and Commission Trading Rules, especially those involved in the National Stock Exchange, to combat fraud and the regulations.

The SEC added that “the exchanges are trying to prove that in addition to overseeing shared contracts, there should be alternative ways in the cryptocurrency market to prevent fraud and compliance on the part of participants.

For years, the SEC has again rejected applications for space Bitcoin ETFs, and SEC Chairman Gary Gensler also said in August that the SEC could approve Bitcoin futures ETFs. .

In fact, earlier this week some media pointed out that the market is not bullish on the prospect of Bitcoin space ETF, VanEck.

The SEC has already approved several Bitcoin ETFs, but it should be noted that these are all future ETFs. In the United States, the futures markets are “allowed” territory, while Bitcoin Spot and Bitcoin Exchange are not SEC controlled areas.

Additionally, Bitcoin spot ETFs are a commodity that is required to comply with the United States Securities and Exchange Act of 1933, requiring an exchange of documents with the SEC to prove that ETF fundamentals are not. affected. In contrast, futures ETFs are required to comply with the Investment Companies Act 1940 and are not required to provide the above certification.

However, the future Bitcoin market is more tightly controlled and watched than the Bitcoin market. So far, the SEC has announced Bitcoin ETFs linked to futures (betting on Bitcoin futures prices and the US Commodity Futures Trading Commission). by the Futures Trading Commission). CFTC). ) Last name.

In October 2021, Bitcoin term bond ETFs launched by ProShares, Valkyrie and Invesco followed suit and traded, causing Bitcoin prices to rise.

According to the Proshare website, as of October 29, 2021, the market capitalization of Korea's first Bitcoin-linked ETF and Bitcoin's first positive ETF (code: BITO) exceeded $ 2.3 billion. The stock market has laid many milestones in the joint venture, including the world's fastest growing capital to cross the billion dollar mark, and the second highest in history to cross the $ 100 million mark. on the first day of publication.

VanEck also has its own Bitcoin futures ETF which has been phased out by the SEC but has not yet started trading.

However, the rejection of the VanEck site's ETF application because Bitcoin Futures ETF does not hold real bitcoin despite the success of Bitcoin Futures ETF products, the US will not get "real" ones in a short time of time. Bitcoin ETF.

Many companies, including VanEck, also claim that commercial products will improve the business. In August, Gabor Gurbacs, Director of Digital Assets at VanEck, said: “The physical presentation of Bitcoin ETFs has outperformed future financial models.

Earlier this week, Michael Sonnenshein, CEO of Grayscale, one of the world's largest digital currency managers, responded and acknowledged this vision. .

According to Sonnenshein, the cryptocurrency market and current politicians are "essentially happy with the market if they are happy with their benefits and the value of the futures contracts going into effect from the company itself."

The SEC is tough, but the Bitcoin ETF's place has no faith in the financial world. On October 16 of this year, Europe announced Jacobi Asset Management's first Bitcoin ETF. It is an ETF that tracks Bitcoin and is only open to home traders. Although ETFs are listed on Cboe Europe, they must be approved by the Financial Institutions Association (FCA) to be listed. As of this writing, FCA officials have yet to issue any approvals for the products.