According to reports, the SEC has rejected Fidelity’s spot settled Bitcoin ETF application. After postponing a decision on Fidelity’s Wise Origin Bitcoin Trust which was filed in March last year several times, the SEC has finally announced that it is rejecting the proposal. The Securities regulator cites that the proposal failed to meet investor protection standards.
SEC Rejects Second Spot Bitcoin ETF Application In 2022
The SEC has rejected Fidelity’s Wise Origin Bitcoin Trust spot Bitcoin ETF application. The commission stated that the application failed to demonstrate that it was fraud and manipulation proof.
In a similar move, the SEC also rejected Skybridge’s spot Bitcoin ETF last week. The SEC explained that approving the ETF would not be in the best interest of investors.
This order disapproves the proposed rule change. The Commission concludes that BZX has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its prop
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