The United States Securities and Exchange Commission (SEC) rejected the joint effort of Ark Investment Management and 21Shares to list a spot Bitcoin ETF on the Cboe BZX Exchange.

The agency dismissed another application filed by the partners in the spring of 2022. 

As indicated in a recent filing, the American financial regulator did not allow Ark 21Shares’ BTC Spot ETF to launch on the US market.
The product was supposed to be listed on the CBOE BZH Exchange. However, the SEC claimed the venue did not “demonstrate that its proposal is consistent with the requirements” to prevent manipulation of prices and fraud.
Cathie Wood’s Ark Investment Management and the Swiss fintech company – 21Shares – displayed intentions to introduce a BTC Spot ETF in the states in 2021, but the watchdog rejected their application in Q2 last year, citing a lack of investor protection.
The SEC has dismissed many other similar efforts in the recent past, with Grayscale, VanEck, and NYDIG being some examples.
Discouraged by the constant rejections, Grayscale vowed to engage in a legal battle with the regulator. Both sides will present their arguments in court at the beginning of March.
Despite its unfriendly stance towards such products, the SEC approved the ProShares’ Bitcoin Futures-backed ETF (dubbed BITO) in October 2021. 
It later said “yes” to Valkyrie’s proposal to list a BTC Futures Fund. The VBTC is available to accredited investors and provides exposure to the primary cryptocurrency.

The post Ark 21Shares Bitcoin ETF Rejected by the SEC Once Again appeared first on CryptoPotato.

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Filed under: Bitcoin - @ January 27, 2023 8:11 pm