The SEC rejected VanEck’s application to issue a Bitcoin spot exchange-traded product (ETP), according to a statement issued by U.S. Securities and Exchange Commission (SEC) Commissioners Mark Uyeda and Hester Peirce. The reason for the SEC’s objection, according to the two commissioners, was that the absence of a sizable regulated market enabled VanEck to “enter into a comprehensive shared oversight agreement with a sizable regulated market related to bitcoin spot.” The SEC has not demonstrated that the current market for bitcoin futures products is large enough to prevent price manipulation, and subjecting bitcoin spot products to custom standards that no product can possibly meet harms investors, the two commissioners said.