SEC strikes off another spot Bitcoin ETF application
The US SEC has struck off yet another chance for approval of spot Bitcoin ETFs with the rejection of WisdomTree’s spot Bitcoin ETF application. This is the second Bitcoin ETF application the SEC has rejected following VanEck’s application in November.
The SEC has given the same reasoning for rejecting the application as VanEck’s one on November 12. It noted in the letter:
“…for bitcoin-based ETPs, the Commission has consistently required that the listing exchange have a comprehensive surveillance-sharing agreement with a regulated market of significant size related to bitcoin, or demonstrate that other means to prevent fraudulent and manipulative acts and practices are sufficient to justify dispensing with the requisite surveillance-sharing agreement.”
The regulatory authority has noted that WisdomTree’s ETF application does not meet the requirements to prevent market manipulation and fraud and protect the interests of investors. Additionally, the SEC also maintained that the firm did not offer relevant information that would allow SEC to “detect, investigate, and deter fraud and market manipulation”.
WisdomTree started its application process for spot ETF back in March of this year. After its disapproval, it is predicted that over 10 physical Bitcoin ETF filings currently under review by the SEC will likely result in disapproval as well.
The post SEC strikes off another spot Bitcoin ETF application appeared first on Our Bitcoin News.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow
