Friday , March 29 2024
Home / Bitcoin (BTC) / SkyBridge Joins the SEC’s List of Rejected Spot Bitcoin ETFs

SkyBridge Joins the SEC’s List of Rejected Spot Bitcoin ETFs

Summary:
The U.S. Securities and Exchange Commission (SEC) has, once again, rejected a spot bitcoin ETF application. It was filed earlier by the investment management company First Trust Advisors and the hedge fund SkyBridge led by Anthony Scaramucci. In a statement published on Thursday (January 20, 2022), the SEC said the reason for the rejection was that they failed to meet the requirements. According to an excerpt from the SEC document: “Because NYSE Arca has not demonstrated that its proposed rule change is designed to prevent fraudulent and manipulative acts and practices, the Commission must disapprove the proposal.” Back in March 2021, SkyBridge partnered with First Trust to file a Bitcoin ETF application with the SEC. On May 25, the Commission began an official review of

Topics:
Anthonia Isichei considers the following as important: , , , ,

This could be interesting, too:

Chayanika Deka writes USDT Transaction Volume Soars on TRON DAO, Hits 2 Million Daily

Wayne Jones writes Ethereum Hits 1 Million Validators Prompting Community Concerns

Mandy Williams writes Here’s Why Bitcoin ETF Flows Will Continue for Years, According to Bitwise CIO

Andrew Throuvalas writes Vitalik Explains Ethereum’s Next Steps After Dencun Upgrade

The U.S. Securities and Exchange Commission (SEC) has, once again, rejected a spot bitcoin ETF application. It was filed earlier by the investment management company First Trust Advisors and the hedge fund SkyBridge led by Anthony Scaramucci.

  • In a statement published on Thursday (January 20, 2022), the SEC said the reason for the rejection was that they failed to meet the requirements.
  • According to an excerpt from the SEC document:

“Because NYSE Arca has not demonstrated that its proposed rule change is designed to prevent fraudulent and manipulative acts and practices, the Commission must disapprove the proposal.”

  • Back in March 2021, SkyBridge partnered with First Trust to file a Bitcoin ETF application with the SEC. On May 25, the Commission began an official review of the ETF proposal.
  • Later in July, the SEC first postponed its decision on the application till August 25, with another delay happening in November 2021.

A statement from the SEC document said:

“The Commission further concludes that NYSE Arca has not established that it has a comprehensive surveillance-sharing agreement with a regulated market of significant size related to bitcoin.”

  • Meanwhile, the SEC’s latest rejection is not surprising, given that the agency is yet to greenlight a spot Bitcoin ETF product. In December, the securities watchdog disapproved an application by Valkyrie and Kryptoin. NYDIG’s proposal has been delayed until March 16, 2022.
  • However, the SEC seems to show a preference for ETFs that track bitcoin futures. ProShares made history as the company with the first approved futures-backed Bitcoin ETF in the United States. Others have come from VanEck and Valkyrie.

You Might Also Like:

Leave a Reply

Your email address will not be published. Required fields are marked *