SEC a bitcoin He just made the decision about his ETF.
In the decision announced today, it was stated that the application for the spot Bitcoin ETF, which was requested by Fidelity to be listed on the Cboe BZX exchange under the name Wise Origin Bitcoin Trust, was rejected.
The application was made on 10 May.
Reason
It is understood that the SEC, which announced its decision in 54 pages, repeated the points stated in the previous rejection decisions and the said point of view became a case-law.
Accordingly, it was decided that the ETF application in question did not meet the principles of “preventing fraudulent and manipulative acts and practices, investor protections and public interest”.
In previous decisions, the SEC also rejected spot Bitcoin ETF applications due to lack of investor protection.
SEC in 2021 Bitcoin Futures ETFs albeit implicitly. However, to date, it has not approved a spot Bitcoin ETF.
What is an ETF?
An exchange-traded fund (ETF) is a mutual fund traded on securities exchanges. An ETF holds assets such as stocks, commodities, or bonds and often works with an arbitrage mechanism designed to keep deviations close to the net asset value. Most ETFs have an index, such as a stock index or bond index. ETFs can be attractive to investments due to their low cost, tax efficiency and stock-like properties.