SEC rejects application for Fidelity’s Wise Origin Bitcoin Trust spot ETF

The US Securities and Exchange Commission did not approve the application of Fidelity’s Wise Origin Bitcoin Trustspot Exchange Traded Fund (ETF), an asset management firm.

According to the filing Thursday, the Securities and Exchange Commission (SEC) has rejected a proposed rule change by CboeBZX exchange for listing and trading shares in Fidelity’s Wise Origin Bitcoin (BTC) fund. Regulators say changes to the rules in favor of ETF approval are not intended to prevent “illegal and manipulative acts or practices”, but rather are necessarily aimed at “protecting the interests of investors and the public”. I said no.

The Securities and Exchange Commission (SEC) extended deliberations to approve or reject the proposal in July and November after Fidelity’s first request in March 2021, but it was published in the Federal Register on June 1. Laws and Commission Implementation Rules to demonstrate that the proposal complies with the requirements of the Exchange Act Section. “

Exchanges that list derivative securities products have signed a monitoring and participation agreement with the market that trades the underlying assets of a listed exchange to provide information needed to detect, investigate and deter fraud and market manipulation. It is necessary to be available, as are violations of applicable exchange rules and federal securities laws and regulations,” the SEC decision said.

The decision follows a separate filing from the SEC on Tuesday, with a proposed rule change allowing shares from agricultural fund provider Teucrium, which tracks bitcoin futures, to be listed on the NYSE Arca and the ARK 21Shares Bitcoin ETF to be listed on the Cboe BZX Exchange. Window widened. Final extensions from regulators may lead to decisions by April 8 and April 3, respectively.

The Securities and Exchange Commission (SEC) has yet to approve ETFs directly exposed to bitcoin, but regulators first green-lighted investment vehicles linked to bitcoin derivatives in October 2021. ProShares is currently listed on the Nasdaq, a strategic bitcoin ETF traded of VanEck in Chicago. Exchange Options Council.

Related: Valkyrie aims to be an ETF linked to Nasdaq’s Bitcoin mining company

Many analysts do not expect the SEC to immediately approve bitcoin-linked ETFs. Regulators are expected to make a decision on NYDIG’s Bitcoin ETF and asset manager Stoneridge Holdings Group’s BTC ETF on March 16.

Leave a Comment