On March 10th the Securities and Exchange Commission rejected a change that would allow market analyst Vaneck to set up a spot bitcoin (BTC) private equity fund. Mark Uyeda, the operations commissioner, and his friend Hester Peirce issued a statement accusing the European Commission of not approving the financial product's decision to list and trade.

Committee members stressed that SEC rejected every application for spot Bitcoin private equity funds, which had handled nearly 20 Bitcoin private equity funds in the past six years. They said that its decision on Vaneck "repeats the analysis given by the European Commission in every recent directive", but:

"in the eyes of many, the European Commission has adopted a different set of door frames for other types of commodity-based bitcoin ETP to prevent this spot bitcoin ETP from entering the regulated trading center."

The agency made up lies that there was no regulated sales market at all, so Vaneck did not have a "comprehensive regulatory sharing agreement for the regulated sales market related to spot bitcoin". Although this is also suitable for all exchange traded commodities (ETP):

"equally significant is that when the European Commission analyzed its spot bitcoin ETP filings, it adopted a particularly cumbersome and complex definition of 'important'."

Committee members said that the SEC did not require other commodities ETP to confirm that there was every link between the spot and futures markets, and that "important" seemed to apply to the liquidity and volume of the trading market in the absence of Bitcoin. They added that laws and regulations require SEC to express its permissible policy adjustments based on commodities' ETP.

Vaneck has a financial wealth management product associated with bitcoin futures trading. The company began to license goods associated with spot goods in 2017. The SEC delayed its decision by several months before the company is now the third to apply for a spot ETP application.

Uyeda, who was appointed in June through a candidate for US president Joe Ban Ki-moon, issued a statement in February about SEC's recommendation to tighten escrow rules. "such escrow methods seem to dilute the policy determination that blocks browsing of login passwords as an asset class," he said.