Asset management firm VanEck has filed with the U.S.U.S. Securities and Exchange Commission (S.E.C.) for a new spot bitcoin ETF, according to S.E.C. filings.
Previously in November 2021, the VanEck spot Bitcoin ETF application was rejected by the U.S. Securities & Exchange Commission (S.E.C.) on June 30.
“Spot commodity and currency markets for its previously approved spot E.T.P.s are generally unregulated, and the Commission relies on the underlying futures markets as a large regulated market that forms the basis for approving a range for currency and commodity trust shares, including gold, silver, platinum, copper and other commodities and currencies,” VanEck stated in its filing.
The spot Bitcoin ETF consists of bitcoin or bitcoin price-related assets. Proponents of the spot Bitcoin ETF endorsement argued that the product would offer a low-cost and easily accessible way for individuals and institutions to invest in Bitcoin.
Only an hour after it was rejected, Grayscale investment filed a lawsuit against the U.S. Securities and Exchange Commission (S.E.C.), asking the U.S. Court of Appeal for the U.S. District of Columbia to review the S.E.C. decision.