Categories: Bitcoin Latest News

SEC Rejects Fidelity’s Wise Origin Bitcoin ETF Proposal

The U.S. Securities and Exchange Commission (SEC) refused to approve a Fidelity spot bitcoin exchange-traded fund (ETF), adding to the recent list of rejected applications.

The rejection of Fidelity’s application for the Wise Origin Bitcoin Trust on Thursday comes just seven days after the SEC threw out a spot bitcoin ETF application filed by investment advisory firm First Trust and hedge fund SkyBridge Capital.The rejection follows the precedent set by the SEC in preferring ETFs that track bitcoin futures.”While we are disappointed by the outcome of the SEC’s deliberations resulting in today’s disapproval order, we reaffirm our belief in market readiness for a physical bitcoin exchange traded product and look forward to continued constructive dialogue with the SEC,” said a spokesperson from Fidelity.In December, the regulator rejected investment firm Kryptoin’s proposal to list a spot bitcoin ETF. It has also rejected spot bitcoin ETF proposals from VanEck and WisdomTree.In October, the first-ever ETF backed by bitcoin futures was launched by ProShares trading on the New York Stock Exchange. Other approvals include the Valkyrie Bitcoin Strategy ETF and the VanEck Bitcoin Strategy ETF.

Read more: SEC Rejects First Trust SkyBridge’s Spot Bitcoin ETF Proposal

UPDATE (Jan. 27 20:11 UTC): Added statement from Fidelity in third bullet point.

Read MoreFeedzy

The U.S. Securities and Exchange Commission (SEC) refused to approve a Fidelity spot bitcoin exchange-traded fund (ETF), adding to the recent list of rejected applications.

The rejection of Fidelity’s application for the Wise Origin Bitcoin Trust on Thursday comes just seven days after the SEC threw out a spot bitcoin ETF application filed by investment advisory firm First Trust and hedge fund SkyBridge Capital.

The rejection follows the precedent set by the SEC in preferring ETFs that track bitcoin futures.

“While we are disappointed by the outcome of the SEC’s deliberations resulting in today’s disapproval order, we reaffirm our belief in market readiness for a physical bitcoin exchange traded product and look forward to continued constructive dialogue with the SEC,” said a spokesperson from Fidelity.

In December, the regulator rejected investment firm Kryptoin’s proposal to list a spot bitcoin ETF. It has also rejected spot bitcoin ETF proposals from VanEck and WisdomTree.

In October, the first-ever ETF backed by bitcoin futures was launched by ProShares trading on the New York Stock Exchange. Other approvals include the Valkyrie Bitcoin Strategy ETF and the VanEck Bitcoin Strategy ETF.

UPDATE (Jan. 27 20:11 UTC): Added statement from Fidelity in third bullet point.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
Jan 27, 2022
2
Jan 27, 2022
3
Jan 27, 2022
4
Jan 27, 2022

Recent Posts

Bitcoin Mining Rig Maker Canaan Could Have 5X Upside, Says Wall Street Analyst

Singapore-based developer of bitcoin mining ASIC chips and rigs Canaan (CAN) has had a rough…

19 minutes ago

UK Treasury Secretary Says No To National Bitcoin Reserve

Bitcoin Magazine UK Treasury Secretary Says No To National Bitcoin Reserve Speaking at the Financial…

19 minutes ago

Bitcoin Traders Seek Downside Protection Ahead of Fed Chair Powell’s Comments

Bitcoin (BTC) options market flows signal moderate risk aversion ahead of Federal Reserve (Fed) Chair…

1 hour ago

Is This The Spark? New Bitcoin Metric Points To Bullish Shift

Bitcoin dipped marginally after reaching a new peak above $97,000 on May 2. It retreated…

1 hour ago

Crypto Daybook Americas: Bitcoin Threatened by Regulation Hiccup, Weakening Demand

By Omkar Godbole (All times ET unless indicated otherwise) As bitcoin (BTC) and the wider…

2 hours ago

Positive Bitcoin Forecast: Expert Anticipates BTC Will Not Dip Below $100K Next Year

As Bitcoin (BTC) inches closer to the coveted $100,000 mark, optimism in the broader cryptocurrency…

2 hours ago