A few months after the company submitted its application, the US Securities and Exchange Commission (SEC) officially rejected the asset management company VanEck’s spot bitcoin exchange-traded fund.

According to Friday’s documents, the U.S. Securities and Exchange Commission Refused Cboe BZX exchange’s proposed rule changes to list and trade VanEck’s Bitcoin (Bitcoin) Believe. Specifically, the U.S. Securities and Exchange Commission stated that any rule changes that facilitate the approval of ETFs will not be “designed to prevent fraud and manipulative behaviors and practices”, nor will it “protect investors and the public interest.”

“The Committee concluded that BZX did not fulfill its responsibility under the Exchange Act and the Committee’s Rules of Practice to prove that its proposal complies with some of the requirements of the Exchange Act,” the US Securities and Exchange Commission said, adding:

“Exchanges that list derivative securities products must sign a supervision and sharing agreement with the market for trading related assets so that the listed exchange can obtain the necessary information to detect, investigate, and prevent fraud and market manipulation, as well as violations of trading rules and applicable federal securities laws And rules.”

The regulator has a maximum of 240 days Approve or reject the offer Following the announcement in the Federal Register on March 19, the U.S. Securities and Exchange Commission made a decision before November 14 after the extension on April 28 and September 8.Industry Expert Bloomberg Senior ETF Analyst Eric Balciunas Said The SEC is extremely unlikely to approve the VanEck fund because it has a record of refusing to provide cryptocurrency from investment companies, and this prediction finally came true.

“[The SEC] To solve the inconsistency, that is, it does not think that CME is a regulated sig-sized mkt in a spot rejection, but approves a futures ETF,” Balchunas said. “This is a good point, but the SEC doesn’t care. Without it. Basically, logic and reason are overwhelmed by technical legitimacy. “

Although the refusal may hit many investors, the SEC has approved ETFs related to Bitcoin futures contracts. In October, digital asset management company Valkyrie and ProShares’ BTC strategy ETF launched On the American Stock Exchange. ProShares ETF since then Rise to the top 2% In terms of total trading volume, the share of all ETFs-the value of stocks traded on November 10 was approximately $400 million.

related: The report shows that BlackRock “has no current plan” to launch an encrypted ETF as the deadline for VanEck to provide a method

The impact on the price of Bitcoin caused crypto assets to briefly fall to $62,300, and then rise back to over $63,000.Price marks a decline since Bitcoin reached 9.7% All-time high of $69,000 November 10.