SEC rejects Fidelity's proposed spot Bitcoin ETF

1/27/2022 6:41:00 PM

SEC rejects Fidelity’s proposed spot Bitcoin ETF

SEC rejects Fidelity’s proposed spot Bitcoin ETF

Another spot bitcoin ETF proposal -- this time from investment giant Fidelity -- has been sidelined by the Securities and Exchange Commission.

handed down its disapprovalThursday morning, according to a newly released filing. As has been the case in recent months, the SEC raised concerns about fraud, manipulation and investor protection. Such concerns have been floated by the SEC for years, dating back to its rejection of a bitcoin ETF proposal put forward by Cameron and Tyler Winkelvoss, owners of the Gemini exchange.

"This order disapproves the proposed rule change. 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," the SEC said.

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Seems like big news. Fidelity is huge, unfortunately, not bigger than Goldman Sachs. Seems like they gonna reject everyone. I wonder when everyone will reject them. BlanikZ Bitcoin is the most volatile asset you can buy. playing much the same role as gold did in the early days of banking You all should Follow edmo360 he knows his stuff when it comes to BTC and other Cryptos, his tweet and tips have been really helpful over the years

sell Bitcoin again dump Bitcoin & price action under 40k means a bearish trend. Bulls would need to tackle the 45k 50MA, and the 52k 128MA levels to flip the market structure. R$I is trending down. I’ve been following & taking rawkz_t tweets and every single tips seriously I’ve been doing superb Wonder when we will see a spot ETF. I'm looking forward to an ETH spot.

Its it's obvious they are approve it on the peak BTC Why? Shocker

SEC pushes decision on ARK 21Shares Bitcoin ETF to April 3The SEC said it would push the deadline for approving the ARK 21Shares Bitcoin ETF for an additional 60 days, from Feb. 2 to April 3. All in 1_ Gaming+smarrNFT+Metaverse+marketplace= Altura One of the largest growing communities in crypto. See the chart and you will understand why you should invest in altura_nft marketplace smartNFTs ✓ Staking platform ✓ Metaverse ✓ Love how the haters still are crying scam and xrdoge continues to push forward and prove everyone wrong. It's so funny to watch. Wait for it to change direction then LAUNCH! xrdoge

🤡 Delaying the inevitable

Valkyrie Applied With the SEC to Launch a Bitcoin Miners ETFValkyrie has filed an application with the US SEC to launch an exchange-traded fund tracking the performance of BTC mining firms.

U.S. Bitcoin ETF Is Net Zero BitcoinWhile a U.S. Bitcoin ETF sounds good in theory, peek under the hood and investors will find a futures-based instrument riddled with contradictions that has very little to do with bitcoin anyway.

Net Inflows Into Largest Gold ETF Surge Amidst Falling Stocks and Crypto Prices – Featured Bitcoin NewsNet inflows into SPDR Gold Shares surged to a new record of $1.63 billion, the highest since its listing in 2004. cryptо isn't admitеd if it is pоssiblе Gold-printer go brrrrrrr!!!

Valkyrie aims for ETF linked to Bitcoin mining firms on NasdaqThe Bitcoin Miners ETF from asset manager Valkyrie would invest up to 20% of its net assets in companies holding 'a significant portion of their net assets' in Bitcoin.

Valkyrie files for bitcoin mining ETFValkyrie has filed for an ETF that will invest the majority of its net assets in companies focused on bitcoin mining. Say thanks to them from Crypto family side like those stocks are winners LOL cryptomind21 Super

The SEC handed down its disapproval Thursday morning, according to a newly released filing.0:00 News The U.Months after having its Bitcoin futures-backed ETF launched on the US stock market, the crypto asset manager has sought approval for another exchange-traded fund.Jan 25, 2022 | By Patrick Tan SHARE Image: David McBee/Pexels Considering that there’s an app for practically everything these days, it stands to reason that it was really only a matter of time before Wall Street lobbied Washington sufficiently to roll out its own version of bitcoin — the ultimate bitcoin app for institutional investors.

As has been the case in recent months, the SEC raised concerns about fraud, manipulation and investor protection. Such concerns have been floated by the SEC for years, dating back to its rejection of a bitcoin ETF proposal put forward by Cameron and Tyler Winkelvoss, owners of the Gemini exchange. Securities and Exchange Commission has extended its window to approve the ARK 21Shares Bitcoin exchange-traded fund (ETF) originally proposed in July 2021. "This order disapproves the proposed rule change.” No more than 5% can be invested in the debt instruments of BTC mining entities. 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," the SEC said. 2 for an additional 60 days, to April 3. Last week, the SEC . But what’s the big deal? What’s an ETF? Image: Alesia Kozik/Pexels To understand why a futures-backed ETF, especially one that is cash-settled is a bit like saying a pop tart is full of fruit, it’s first necessary to understand what an ETF is in the first place.