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Reading: SEC rejects Ark and 21Shares’ Bitcoin ETF Proposal again
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HOME > News > LATEST NFT NEWS & METAVERSE > SEC rejects Ark and 21Shares’ Bitcoin ETF Proposal again
LATEST NFT NEWS & METAVERSENews

SEC rejects Ark and 21Shares’ Bitcoin ETF Proposal again

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Posted news room January 31, 2023 94 Views 2 Min Read
Updated 2023/01/31 at 4:21 AM
SEC rejects Ark and 21Shares Bitcoin ETF Proposal again
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Tips:
  1. SEC has rejected the second Bitcoin ETF proposal again filed by Ark Investment and 21Shares
  2. The regulator raised the allegation of not following the burden of the “ Exchange Act” in the proposal
  3. The year-long consistent rejections have raised concerns by exchanges and firms based in the US.

SEC recently released an official court filing, rejecting the Ark Investment and 21Shares’ Bitcoin ETF proposal once again. Both companies proposed to establish a spot bitcoin exchange-traded fund “Cboe BZX Exchange” but were harshly denied by the commission.

sEC Ark
Source: ark-invest.com 

The U.S. Securities and Exchange Commission in the court filing mentioned that the proposed BZX doesn’t fulfill the requirements of the Exchange Act Section. 

It specifically pointed out the issues regarding fraudulent prevention and investor protection. 

The commission also mentioned that the proposed ETF should have a

“surveillance-sharing agreement with a regulated market of significant

size because such agreements detect and deter fraudulent and manipulative activity.”

So far, none of the Spot Bitcoin ETF proposals were approved. Last year, Grayscale went through thick and thin to get it approved but was consistently rejected, leading to a lawsuit against SEC. 

In November, Ark Investment CEO Cathie Wood claimed the regulators would accept the Bitcoin ETF proposal by Grayscale after the FTX fallout in an interview with Bloomberg. Yet, the progress seems to be nowhere.

Ark Investment and 21Shares haven’t said anything regarding the court filing.

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