The Securities and Exchange Commission (SEC) rejected WisdomTree’s most recent attempt to list a spot bitcoin exchange-traded fund (ETF).
The securities regulator rejected the WisdomTree Bitcoin Trust Tuesday after rolling over the decision in both March and August. Like other recent rejections, the order states that WisdomTree has not sufficiently met its burden to protect investors and prevent fraudulent activity and price manipulation.
The SEC has yet to approve a spot-based bitcoin ETF, issuing wave after wave of rejections. Most orders cite these concerns of insufficient practices to prevent market manipulation.
WisdomTree received another rejection from the regulator in December of last year for a previous iteration of the product.
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About Author
Aislinn Keely joined The Block in the summer of 2019. She is a member of the outlet’s policy team, holding down the legal beat. Before The Block, she lent her voice to the NPR affiliate WFUV, where she reported and anchored newscasts in addition to some podcast work. Aislinn is a proud Fordham Ram and editor-in-chief emerita of its newspaper. When she isn’t writing or reporting, Aislinn is running and rock climbing.
Source: https://www.theblock.co/post/176279/sec-rejects-wisdomtrees-latest-spot-bitcoin-etf-proposal?utm_source=rss&utm_medium=rss