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SEC Rejects Another Spot Bitcoin ETF Bid by ARK and 21Shares

Another day, another refusal by the Securities and Exchange Commission (SEC) to allow a Bitcoin spot ETF to launch in the United States. 

The latest rejected proposal came from Cathie Wood’s ARK Invest and global crypto ETF provider 21Shares, which for a second time joined forces in an attempt to launch the ARK 21Shares Bitcoin ETF. It was initially filed last year on May 13, a month after Ark’s first attempt to list the product on BZX was turned down. 

The SEC’s rationale for the decision is the same as last time: Ark has failed to demonstrate that the rules of its exchange are adequate to protect the investing public from “fraudulent and manipulative acts and practices.”

Realated Readings:

Cathie Wood Stands by Her Prediction That Bitcoin Will Skyrocket to $1M by 2030

Cathie Wood's ARK Buys $1.5M of Shares in Grayscale's Bitcoin Trust at Record Discount

Cathie Wood’s ARK Fintech Innovation ETF Buys More Coinbase

Samsung’s Investment Arm Gearing Up to Apply for Spot-Bitcoin ETF in Hong Kong

Jim Cramer Thanks SEC Chairman for Standing Up to ‘Crypto Bullies’ Seeking Spot Bitcoin ETF Approval

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