SEC Rejects Another Bitcoin Spot ETF, Says No To Ark 21Shares
Another snub by the the U.S. Securities and Exchange Commission (SEC) to crypto investment firms as it rejected an application for a spot bitcoin exchange-traded fund (ETF) from Ark 21Shares, run by Cathie Wood.
Citing a lack of investor protections, the SEC commented in its decision:
“The Commission concludes that BZX has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is 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.’”
A decision on Ark’s Spot ETF had already been delayed multiple times after the initial application was made in July last year.
So far, Gary Gensler’s SEC has rejected spot bitcoin ETFs from both WisdomTree and One River Asset Management recently. Earlier, the commission rejected NYDIG and Global X’s spot bitcoin ETF proposals, as well as applications from Fidelity, First Trust, Kryptoin and VanEck.
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Source: igaming
