VanEck files for a new spot Bitcoin ETF

VanEck has filed for another spot Bitcoin ETF with the U.S. Securities Exchange Commission after it was previously denied of such a fund eight months back.The filing also comes just days after spot bitcoin ETF applications from Grayscale Investments and Bitwise were also rejected.Regulators have constantly outlined concerns around the capability to avoid market manipulation and being able to protect market participants.Per VanEck’s new filing, it stated: “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.”The filing of a spot Bitcoin ETF comes as Bitcoin (BTC-USD) itself has tumbled below the $20K marker and at one point on Thursday dipped below $19K. On Friday morning BTC-USD hovers near $19,100.Bigger picture, the crypto currency is lower by 59.5% in 2022 and it’s also off by 72.3% from its all time trading high of $69K.Grayscale Investments CEO Michael Sonnenshein argued that U.S. regulators were "discriminating" against his cryptocurrency investment firm by continuing to deny approval to ETFs based on the spot price for Bitcoin.