The U.S. Securities and Exchange Commission has expectedly shot down WisdomTree's proposal to launch a spot Bitcoin exchange-traded fund.
In its order, the SEC explains that the rejection is necessary to protect investors from "fraudulent" and "manipulative" acts.
As reported by U.Today, VanEck's spot Bitcoin ETF proposal was rejected as well in early November.
According to Bloomberg Intelligence's James Seyffart, the regulator will highly likely deny Kryptoin's spot ETF bid as well before Christmas.
We have another #Bitcoin ETF Denial letter from the SEC from @WisdomTreeETFs' application. This disapproval was very much expected... Next up is Kryptoin's application which will likely be denied just before Christmas. pic.twitter.com/HvUDlAGDqg
— James Seyffart (@JSeyff) December 2, 2021
While the SEC has greenlit futures-based ETFs in October, the regulator is hesitant to approve an ETF that will directly track the value of the largest cryptocurrency, continuing its string of rejections that started with the application of the Winklevoss twins all the way back in 2013.
Alex DovbnyaDisclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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