Another bitcoin ETF proposal bites the dust.
Once again, the Securities and Exchange Commission has rejected a proposal to create a bitcoin-backed ETF.
The SEC said “its disapproval does not rest on an evaluation of whether bitcoin or blockchain technology more generally, has utility or value as an innovation or an investment,” but rather “NYSE Arca 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, and, in particular, the requirement that the rules of a national securities exchange be ‘designed to prevent...
A bitcoin ETF would allow investors to invest in the digital coin without having to actually purchase or store it. But the SEC has yet to approve a single bitcoin ETF, citing ongoing fraud and manipulation concerns — exemplifying the significant regulatory hurdles cryptocurrency investments face.Last month, VanEck withdrew a proposed bitcoin ETF for the second time this year.
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