2022-3-11 19:25 |
SEC’s latest move adds to a string of others seen over the years, with the US market’s wait for a spot Bitcoin ETF set to go on.
The US Securities Exchange Commission (SEC) has once again rejected applications seeking to list spot Bitcoin exchange-traded funds (ETFs) in the US market.
In its latest move, the securities watchdog has denied the NYDIG Spot Bitcoin ETF and the Global X Bitcoin Trust applications.
The two funds sought to list and trade physically settled Bitcoin ETFs. However, filings dated 10th March 2022 now put all that into an expanding basket of rejected applications.
And with it, another shot at having the regulator allow a spot BTC product has ended- at least for now (other proposals are pending the SEC’s decision).
SEC's argument is…NYDIG filed an application to list the spot Bitcoin ETF on NYSE Arca, Inc. on 30th June 2021, while Cboe BZX Exchange, Inc. filed Global X’s proposal on 30 August 2021.
The SEC’s orders disapproving the applications cite issues around fraud and manipulative acts, noting that the rejections are merited in the interest of protecting consumers and “public interest.”
In 2021, the regulator approved the first of two Bitcoin futures ETFs. The move saw the crypto industry’s excitement towards a spot ETF rise. But in the period since the ProShares and Valkyrie ETFs, the SEC has disapproved applications for spot Bitcoin ETFs by Van Eck, Fidelity, Wisdom Tree, and First Trust.
The Grayscale Bitcoin Trust ETF proposal is pending the regulator’s decision.
The post SEC rejects NYDIG, Global X spot Bitcoin ETF proposals appeared first on Coin Journal.
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