SEC Rejects WisdomTree's Application to Launch a Spot Bitcoin ETF
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The US Securities and Exchange Commission (SEC) has rejected an application by management firm WisdomTree to register a spot Bitcoin ETF.

The regulator has said it has rejected the application due to the absence of agreements on joint supervision and the inability to crack down on unfair practices in the spot market. The SEC has written:

"The Commission concludes that BZX [the alternative platform for the Chicago Board Options Exchange with which WisdomTree filed its application] has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section 6(b)(5)."

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It should be noted the SEC has previously rejected a similar application by VanEck using similar language.

Next December 24, the regulator will consider applications to launch spot Bitcoin ETFs from Kryptoin, and later from Valkyrie Digital Assets, SkyBridge Capital, First Trust Advisors, Fidelity Investments, 21Shares with ARK Invest, Global X, Bitwise and Grayscale Investments.

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