The U.S. Securities and Exchange Commission (SEC) has once again rejected VanEck’s proposal for a Bitcoin spot ETF, according to a March 10 filing.

The relevant filing indicates that the SEC has rejected a rule change through which Cboe BZX Exchange intended to list VanEck’s exchange-traded fund (ETF).

The core issue, according to the SEC, is that ETF providers have not shown that they can prevent market manipulation. Specifically, those providers have not shown that they have a surveillance-sharing agreement with a significantly-sized market.