One River's spot Bitcoin ETF application rejected by SEC

5/29/2022 10:00:00 PM

Cry me a One River. Another spot Bitcoin has been denied by the SEC, this tme by cryptocurrency-focused hedge fund One River Digital.

Cry me a One River. Another spot Bitcoin has been denied by the SEC, this tme by cryptocurrency-focused hedge fund One River Digital.

Crypto-focused hedge fund One River Digital’s application to list a Bitcoin spot ETF did not succeed in becoming the first to win regulator approval.

BTC ) spot exchange-traded fund (ETF) applications Friday when it disapproved a rule change to allow cryptocurrency-focused hedge fund One River Digital to offer the One River Carbon Neutral Bitcoin Trust on the New York Stock Exchange Arca.In a May 27 statement , the SEC said that the proposed rule change that would have cleared the product for a listing on the NYSE Arca exchange"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.The United States Securities and Exchange Commission continues to deny applications for Bitcoin ETFs.ArrowRight Most recently I asked my spouse to be sure to say what they mean, then got yelled at because they said what they meant.

The decision comes somewhat ahead of schedule, as the agency had to allow more time for consideration.The commission wrote that, when considering One River's proposed rule change, it applied"the same standard used in its orders considering previous proposals to list bitcoin-based commodity trusts.The One River Carbon Neutral Bitcoin Trust was." Specifically, the proposed rule change did not meet the SEC's rules around fraud prevention.On May 27th, the Commission issued a notice rejecting the proposed rule change to list and trade shares of the One River Carbon Neutral Bitcoin Trust under the NYSE Arca Rule 8.The SEC further clarified: “[..That’s what’s going on.

.More specifically, the watchdog outlined Section 6(b)(5) and precisely 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.] disapproval of this proposed rule change does not rest on an evaluation of whether bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment.” One River Digital was established in 2020 by Eric Peters, founder of One River Asset Management, and is , co-founder of Brevan Howard Asset Management.Related:.Most recently,.

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