The US Securities and Exchange Commission (SEC) has just rejected the application filed by management firm Fidelity Investments to register a spot Bitcoin ETF.
According to the regulator, the lack of joint supervision agreements and the impossibility to stop fraudulent or manipulative practices in the spot market are the reasons that have led to the refusal.
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The SEC has argued similar reasons on other occasions when it has rejected the launch of other Bitcoin ETFs. For example, applications from First Trust, SkyBridge, WisdomTree and VanEck have received similar responses.
In addition, in February the SEC postponed its decision on applications by Bitwise Asset Management and Grayscale Investments to launch similar products.
Notably, at the same time the SEC rejected the launch of a Bitcoin spot ETF, Fidelity filed an application to launch an exchange-traded fund based on the shares of companies associated with the metaverse concept.
The Fidelity Metaverse ETF will track the Fidelity Metaverse Index, which replicates the performance of a basket of stocks of companies involved in the development, production, distribution or sale of products or services in the metaverse.