RATE Group | US SEC Rejects Bitwise Bitcoin ETF Proposal
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US SEC Rejects Bitwise Bitcoin ETF Proposal

09 Oct US SEC Rejects Bitwise Bitcoin ETF Proposal

Posted at 23:45h in Bitcoin News by

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The United States Securities and Exchange Commission (SEC) has rejected a proposal to list a Bitcoin (BTC) exchange-traded fund (ETF).

In an announcement on Oct. 9, the Commission stated that the ETF filing from Bitwise Asset Management and NYSE Arca did not meet the necessary requirements. 

Specifically, regulators stated that the applicants did not meet the necessary requirements regarding possible market manipulation and illicit activities. The SEC wrote:

“Rather, theCommission is disapproving this proposed rule change because, as discussed below, NYSE Arcahas not met its burden under the Exchange Act and the Commission’s Rules of Practice todemonstrate that its proposal is consistent with the requirements of Exchange Act Section6(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.'” 

Bitcoin ETF “closer than ever?”

Today’s decision by the SEC seems to fly in the face…

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