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No spot bitcoin ETFs for now after 'Scrooge' SEC denies 2 more applications on investor protection grounds
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The Securities and Exchange Commission rejected applications for Valkyrie and Kryptoin spot bitcoin ETFs on Wednesday, the latest blow to those hoping to finally get the financial products approved in the US.
The securities regulator has yet to give the go-ahead for a US exchange-traded fund that invests directly in the cryptocurrency, pointing to concerns about fraud and manipulation.
In notifications to NYSE Arca and Cboe BZX Exchange, the SEC refused their proposals to list and trade the spot bitcoin products from Valkyrie and Kryptoin. It said these failed to meet its investor protection requirements.
Neither proposal meets its standard «designed to prevent fraudulent and manipulative acts and practices» and «to
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