BZX Exchange makes proposal for the rule change in March. Furthermore, The US SEC reveals its decision today making denials about the rule change. Of course, which will allow the VanEck Bitcoin Trust to operate.
Also, The US SEC notes investors’ protection for declining the spot ETF approval.
Additionally, BZX Exchange did not meet its requirements towards preventing fraudulent and manipulative acts.
So, US SEC Argues that BZX had is not meeting its burden in regard to preventing
“fraudulent and manipulative acts and practices”
and “[protecting] investors and the public interest.”
More so, this is not the first time The US SEC is doing this. Of course, The financial regulator denies BTC ETF, insisting market is open to manipulation and not safe.
Furthermore, BZX goes ahead to confirm meeting all the requirements.
Then, The SEC decision goes on to notes that while there’s no
“comprehensive surveillance-sharing agreement…”
“with a regulated market of significant size”
The, that will bring about risks of manipulation and other bad behavior as it will meet to set need to set that Bitcoin’s underlying market
“inherently possesses a unique resistance to manipulation beyond…”
“the protections that are utilized by traditional commodity or securities markets.”
Lastly, BZX also confirms meeting both of these requirements.
Also, BZX confirms the increasing trading volume in the futures markets on the Chicago Mercantile Exchange (CME). Then, also a rising liquidity in the spot market for Bitcoin decreases manipulation possibilities.
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