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Global Investment manager VanEck has filed a new application for a spot bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).
The announcement comes just eight months after the SEC rejected VanEck’s previous application and just day after the Grayscale and Bitwise applications got snubbed by the US regulator.
In all its rejections, the SEC has cited concerns about related to firms’ ability to prevent market manipulation and protect investors.
VanEck’s newest filing said:
“Spot commodities and currency markets for which it has previously approved spot ETPs are generally unregulated and that the Commission relied on underlying futures market as the regulated market of significant size that formed the basis for approving the series of Currency and Commodity-Based Trust Shares, including gold, silver, platinum, palladium, copper, and other commodities and currencies.”
A spot bitcoin ETF is made up of Bitcoin or assets related to Bitcoin’s price. The benefits that a spot bitcoin ETF would bring are low-cost and an easy entrance for individuals and businesses to invest in bitcoin