The United States Securities and Exchange Commission (SEC) has rejected the Valkyrie and Kryptoin spot ETF applications. The authority is yet to approve a bitcoin spot ETF application.

The United States Securities and Exchange Commission has rejected the application of bitcoin trusts by Valkyrie and Kryptoin, according to an official notice. This is yet another set of ETFs that the SEC has rejected this year.

The decision on the Valkyrie Bitcoin Fund underwent a few delays this year, and market enthusiasts were hoping for approval. The Kryptoin ETF was a spot bitcoin ETF. This decision comes just over a month after it rejected the VanEck bitcoin spot ETF.

The SEC has been extremely hesitant about approving any cryptocurrency-related investment vehicles, citing investor protection and market manipulation as two primary reasons. However, it has taken a step forward and made a few approvals this year, most in relation to the futures-based bitcoin ETFs.

For instance, the SEC has approved the Valkyrie Bitcoin Futures ETF, which has since begun trading on Nasdaq. It also approved the ProShares Bitcoin Strategy ETF, which performed phenomenally well once it launched.

These approvals are a sign that is willing to at least consider the investment vehicles, and it has been particularly accepting of futures-based ETFs. SEC Chair Gary Gensler has said the same in the past.

The SEC has several more ETF reviews on its plate, and it’s likely to announce more decisions in the months to come. At the same time, it is working on a larger regulatory agenda.

The ETF decisions by the SEC only serve as a preview of the actions it will take in 2022. It seems quite clear that U.S. authorities will introduce comprehensive regulation next year. The discussion around this has been building over the past year, and multiple agencies are involved.

On the agenda of lawmakers are investor protection, taxation, stablecoin regulation, and securities registration. The SEC, CFTC, the OCC, and others are working on these different aspects of the market, and are not showing hesitation about putting their feet down where they need to.

However, it does not seem like U.S. authorities will introduce draconian regulation. Authorities want the market to adhere to current laws where applicable and introduce new laws where needed.

The post SEC Rejects Valkyrie and Kryptoin Bitcoin ETF Applications appeared first on BeInCrypto.

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