1 year ago
The U.S. Securities and Exchange Commission (SEC) has rejected a Bitcoin spot ETF from ARK and 21 Shares, arsenic indicated successful a Jan. 26 filing.
Cboe BZX intended to database the planned ETF. The exchange’s projected regularisation change, which would person allowed the listing, was specifically rejected today.
The SEC said that Cboe BZX failed to show that it could comply with definite sections of the Securities Exchange Act. Though Cboe BZX’s connection specifically addressed concerns astir surveillance, the regulator said that the speech did not amusement that it could forestall fraud and marketplace manipulation oregon support investors.
The regulator rejected Cboe BZX’s erstwhile connection successful April 2022. The speech submitted a follow-up connection to the SEC conscionable 1 period aboriginal successful May 2022. The SEC postponed the deadline for its determination earlier it yet rejected the connection today.
If Cboe BZX’s connection had succeeded, the resulting ETF would person been managed by Ark Invest — an concern absorption steadfast headed by Wall Street seasoned Cathie Wood — and 21 shares. It would person been listed connected Cboe BZX’s ain exchange.
The SEC has rejected galore erstwhile Bitcoin spot ETF proposals connected virtually identical grounds. The regulator rejected applications WisdomTree and VanEck past October and November respectively. Fidelity, SkyBridge, and others person besides been met with rejection.
The astir notable and persistent ETF applicant is undoubtedly Grayscale, which is aggressively trying to transportation the SEC to let it to person its existing Bitcoin spot into an exchange-traded fund. The 2 parties are now successful court implicit the matter.
To date, U.S. regulators person not approved immoderate Bitcoin spot ETFs. The SEC has, however, approved assorted Bitcoin futures ETFs since October 2021.
The station SEC re-declines Bitcoin ETF from ARK, 21Shares appeared archetypal connected CryptoSlate.
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