The Securities and Exchange Commission (SEC) has rejected an application from management company WisdomTree to register its own spot Bitcoin-ETF.
The agency has cited the lack of agreements on joint supervision and the inability to stop fraudulent or manipulative practices in the spot market:
“The Commission concluded that BZX [the alternative platform for the Chicago Board Options Exchange with which WisdomTree applied] failed to demonstrate, in accordance with the securities law and procedural rules, that its application complies with the requirements of Section 6 (b) (5) of the Act.”
Similar wording was contained in the SEC’s refusal to list a similar instrument from VanEck.
On December 24, the SEC will consider an application to launch a spot Bitcoin ETF from Kryptoin. Later, it will also decide on the applications filed by Valkyrie Digital Assets, SkyBridge Capital, First Trust Advisors, Fidelity Investments, 21Shares with ARK Invest, Global X, Bitwise and Grayscale Investments.
Grayscale has admitted the SEC violated the law when approving Bitcoin futures ETFs.