The US Securities and Exchange Commission (SEC) has postponed considering WisdomTree’s application for spot Bitcoin (BTC) ETFs several times during the year to finally reject it.
On Wednesday, 1st December, the SEC published its decision which stated that the changes proposed by the Cboe BZX exchange to the rules for listing and trading shares of the WisdomTree Bitcoin Trust had been denied.
The Securities and Exchange Commission concluded that BZX failed to comply with the financial product listing requirements:
“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 requirement that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices’ and ‘to protect investors and the public interest.”
The agency further stated that BZX didn’t provide enough information to explain how the cryptocurrency market is resistant to manipulation. In November, VanEck’s Bitcoin ETF was denied for the same reason.
Although there is a demand for crypto ETFs, the regulator continues to reject BTC ETF applications.
On 26th March WisdomTree filed an application for a spot Bitcoin ETF with the SEC.
In April, the regulator published an application for public comments and set additional deadlines for making a decision on the proposed rule change.
In May, WisdomTree applied to the SEC for an ETF based on Ethereum (ETH), which is still under the Commission’s consideration.
The regulator is critical of spot crypto ETFs, while supporting crypto futures ETFs. Over the past few months, SEC Chair Gary Gensler has repeatedly spoken for Bitcoin futures ETFs.
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