{"id":400001,"date":"2022-01-27T19:30:00","date_gmt":"2022-01-27T16:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sec-rejects-application-for-fidelitys-wise-origin-bitcoin-trust-spot-etf\/"},"modified":"2022-01-27T19:30:00","modified_gmt":"2022-01-27T16:30:00","slug":"sec-rejects-application-for-fidelitys-wise-origin-bitcoin-trust-spot-etf","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sec-rejects-application-for-fidelitys-wise-origin-bitcoin-trust-spot-etf\/","title":{"rendered":"# SEC rejects application for Fidelity\u2019s Wise Origin Bitcoin Trust spot ETF"},"content":{"rendered":"

“# SEC rejects app<\/a>lication for Fidelity\u2019s Wise Origin Bitcoin Trust spot ETF <\/strong>”
\n<\/p>\n

The United States Securities and Exchange Commission has disapproved asset manager Fidelity\u2019s Wise Origin Bitcoin Trust spot exchange-traded fund application.<\/p>\n

According to a Thursday filing, the SEC rejected<\/a> a proposed rule change from the Cboe BZX Exchange to list and trade shares of Fidelity\u2019s Wise Origin Bitcoin (BTC) Trust. The regulatory body said any rule change in favor of approving the ETF would not be aimed at preventing \u201cfraudulent and manipulative acts and practices\u201d nor would it necessarily \u201cprotect investors and the public interest.\u201d<\/p>\n

The SEC extended its deliberation window to approve or deny the offering in July and November following Fidelity\u2019s original application in March 2021 \u2014 but published in the Federal Register on June 1. The SEC added that the BZX exchange \u201chas not met its burden under the Exchange Act and the Commission\u2019s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section.\u201d<\/p>\n

\u201cIt is essential for an exchange listing a derivative securities product to enter into a surveillance-sharing agreement with markets trading the underlying assets for the listing exchange to have the ability to obtain information necessary to detect, investigate, and deter fraud and market manipulation, as well as violations of exchange rules and applicable federal securities laws and rules,\u201d stated the SEC ruling.<\/p>\n

The decision followed separate filings from the SEC on Tuesday extending its window on a proposed rule change to allow shares from agricultural fund provider Teucrium tracking Bitcoin futures to be listed on NYSE Arca and ARK 21Shares Bitcoin ETF to be listed on the Cboe BZX Exchange. The final extension from the regulator will likely result in a decision by April 8 and April 3, respectively. <\/p>\n

While the SEC has yet to approve ETFs with direct exposure to BTC, the regulator gave the green light to investment vehicles linked to BTC derivatives for the first time in October 2021. At the time of publication, shares of Bitcoin futures-linked funds from Valkyrie and ProShares are currently listed on Nasdaq, with VanEck\u2019s Bitcoin Strategy ETF trading on the Chicago Board Options Exchange.<\/p>\n

Related: <\/em><\/strong>Valkyrie aims for ETF linked to Bitcoin mining firms on Nasdaq<\/em><\/strong><\/p>\n

<\/em><\/strong>Many analysts do not expect SEC officials to approve Bitcoin-linked ETFs anytime soon. The regulatory body is expected to reach a decision on NYDIG\u2019s spot Bitcoin ETF and \u200b\u200basset manager Stone Ridge Holdings Group\u2019s BTC ETF on March 16.<\/p>\n