SEC Rejects Fidelity’s Wise Origin Bitcoin ETF Proposal

1/27/2022 7:51:00 PM

The rejection of a spot bitcoin ETF follows precedent, and underlines the SEC’s preference for ETFs that track the bitcoin futures market.

The SECGov has rejected yet another proposal to list a spot bitcoin exchange-traded fund (ETF), this time from Fidelity By Tanzeel_Akhtar

The rejection of a spot bitcoin ETF follows precedent, and underlines the SEC’s preference for ETFs that track the bitcoin futures market.

Jan 27, 2022 at 4:46 p.m. UTCUpdatedJan 27, 2022 at 4:46 p.m. UTCSEC (Mark Van Scyoc / Shutterstock)The U.S. Securities and Exchange Commission (SEC) refused to approve a Fidelity spot bitcoin exchange-traded fund (ETF), adding to the list of rejected applications.

on Thursday comes just seven days after the SEC threw out a spot bitcoin ETF application filed by investment advisory firm First Trust and hedge fund SkyBridge Capital.The rejection follows the precedent set by the SEC in preferring ETFs that track bitcoin futures.

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By Jan 27, 2022 at 4:46 p.The SEC handed down its disapproval Thursday morning, according to a newly released filing.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.0:00 News The U.

m. UTC Updated Jan 27, 2022 at 4:46 p. 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.m.” No more than 5% can be invested in the debt instruments of BTC mining entities. UTC SEC (Mark Van Scyoc / Shutterstock) The U. 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.S. SEC Assistant Secretary J.

Securities and Exchange Commission (SEC) refused to approve a Fidelity spot bitcoin exchange-traded fund (ETF), adding to the list of rejected applications. The advisors could also decide to allocate up to 20% of the fund’s net assets in companies holding a “significant portion of their net assets in bitcoin on their balance sheet or derive a significant portion of their revenue or profits directly from mining, lending, transacting in bitcoin. on Thursday comes just seven days after the SEC threw out a spot bitcoin ETF application filed by investment advisory firm First Trust and hedge fund SkyBridge Capital. The rejection follows the precedent set by the SEC in preferring ETFs that track bitcoin futures. In December, the regulator .