Another spot bitcoin ETF proposal -- this time from investment giant Fidelity -- has been sidelined by the Securities and Exchange Commission.
Thursday morning, according to a newly released filing. As has been the case in recent months, the SEC raised concerns about fraud, manipulation and investor protection. Such concerns have been floated by the SEC for years, dating back to its rejection of a bitcoin ETF proposal put forward by Cameron and Tyler Winkelvoss, owners of the Gemini exchange.
"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 proposal is consistent with the requirements of Exchange Act Section 6, and in particular, the requirement that the rules of a national securities exchange be “designed to prevent fraudulent and manipulative acts and practices” and “to protect investors and the public interest," the SEC said.
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