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SEC rejects Fidelity's application for spot Bitcoin ETF

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Bitcoin ETF


The United States Securities and Exchange Commission (NEC) has sidelined another spot Bitcoin exchange-traded fund (ETF) proposal from investment giant Fidelity.

On Thursday morning, according to a newly released filing, the SEC handed down its disapproval.

Like it happened to the Gemini exchange recent months ago, the SEC raised concerns about fraud, manipulation and investor protection. Such concerns have been floated by the SEC for years, dating back to its rejection of a Bitcoin ETF proposal put forward by Cameron and Tyler Winkelvoss, owner of the Gemini exchange.

"This order disapprove the proposed rule change. The Commission concludes that BZX 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(b)(5), and in particular, the requirement that the rules of a nation Securities exchange be "designed to prevent fraudulent and manipulative acts and practices" and "to protect investors and the public interest, " according to the SEC.

Also just last week, the SEC shit down a proposal spot ETF focused on Bitcoin from First Trust and Skybridge Capital on identical grounds. A decision on an ETF submission from stone Ridge and NYDIG is expected by mid-March. 


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