The US Securities and Exchange Commission (SEC) has once again refused VanEck to launch a spot ETF for bitcoin. Commissioners Mark Ueda and Esther Pierce criticized the agency’s decision.

In a joint statement, Mark Uyeda and Hester Pierce stressed that the SEC has already denied 20 applications to launch spot cryptocurrency ETFs over the past 6 years. They saw double standards in such refusals and said that the department simply repeats its arguments from time to time.

“In our opinion, the Commission uses a different set of criteria from those that have been and continue to be used for other types of investment products. These criteria are designed to keep Bitcoin spot ETPs and ETFs out of SEC-regulated exchanges. Obviously, the regulator interprets the “significance” of the criteria differently when analyzing applications for cryptocurrency ETPs,” the SEC commissioners emphasized in a statement.

SEC denials to launch such investment products always state that there is no regulated cryptocurrency market, which means that companies, including VanEck, simply “have no cooperative oversight agreements with a significant size regulated spot market for bitcoin trading.”

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Pierce and Ueda urged the regulator to clarify how “significant” the cryptocurrency market should be and to explain changes in its policy when approving ETFs for various commodities.

Recall that VanEck applied to launch a spot ETF for bitcoin last summer, but the consideration of the application was repeatedly postponed.