Two More Bitcoin Spot ETF’s Rejected by the U.S. SEC
The U.S. Securities and Exchange Commission (SEC) continues to shield off a first Bitcoin spot ETF in the United States.
After already having rejected a number of ETF applications, including VanEck‘s and Fidelity’s bids, the U.S. regulator has now denied NYSE Arca’s bid to change a rule to list and trade shares of the NYDIG Bitcoin ETF.The SEC also ended Cboe BZX Exchange’s hopes and dismissed its proposal to change a rule preventing the listing of its Global X Bitcoin Trust.
According to the agency, neither NYSE or BZX comply with the minimum legal requirements needed to safely run a securities exchange platform in the U.S.
“The Commission concludes that [NYSE Arca and BZX] have not met [their] burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that [their] proposals [are] consistent with the requirements of Exchange Act Section 6(b)(5), and in particular, the requirement that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices’ and ‘to protect investors and the public interest.’”
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Source: igaming
