SEC rejects WisdomTree’s bid to launch a spot Bitcoin ETF

The U.S. Securities and Exchange Commission (SEC) rejected WisdomTree’s application to register a spot Bitcoin ETF.

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The agency cited the lack of joint supervision agreements and its inability to curb fraudulent or manipulative practices in the spot market.

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\”The Commission concluded that BZX [the Chicago Board Options Exchange’s alternative listing platform, on which WisdomTree filed its application] was unable, in accordance with the Securities Act and procedural rules, to demonstrate that its filing complies with the requirements of Section 6(b)(5) of the Act\”, the statement said.

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Similar wording was contained in the SEC’s denial of listing a similar instrument from VanEck.

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On December 24 the Commission will consider applications to launch spot Bitcoin ETFs from Kryptoin. Later — from Valkyrie Digital Assets, SkyBridge Capital with First Trust Advisors, Fidelity Investments, 21Shares with ARK Invest, Global X, Bitwise and Grayscale Investments.

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Earlier, Grayscale acknowledged that the SEC violated the law in approving the futures-based Bitcoin ETF.

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Earlier, Bloomberg analysts doubted the regulator’s approval of a spot Bitcoin fund based on CME-traded Ethereum derivatives.

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