{"id":17403,"date":"2022-01-27T20:58:13","date_gmt":"2022-01-27T19:58:13","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=17403"},"modified":"2022-01-27T20:58:13","modified_gmt":"2022-01-27T19:58:13","slug":"us-sec-rejects-fidelitys-bitcoin-spot-etf-amid-btc-price-struggles","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/us-sec-rejects-fidelitys-bitcoin-spot-etf-amid-btc-price-struggles\/","title":{"rendered":"US SEC rejects Fidelity\u2019s Bitcoin Spot ETF amid BTC price struggles"},"content":{"rendered":"\n

Another\u00a0Bitcoin\u00a0bear\u00a0market\u00a0and spot\u00a0ETF\u00a0<\/a>rejection\u00a0by US SEC has\u00a0left\u00a0market\u00a0participants\u00a0depressed.<\/p>\n\n\n\n

\"US<\/figure>\n\n\n\n

The\u00a0Securities\u00a0and\u00a0Exchange\u00a0Commission\u00a0\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>of\u00a0the\u00a0United\u00a0States\u00a0gave\u00a0the\u00a0spot\u00a0Bitcoin\u00a0ETF\u00a0proposal\u00a0from\u00a0investing\u00a0behemoth\u00a0Fidelity\u00a0a\u00a0green\u00a0light\u00a0on\u00a0January\u00a027.<\/p>\n\n\n\n

SEC's rejection of  BTC Spot ETF<\/h2>\n\n\n\n

The\u00a0SEC\u00a0denied\u00a0Fidelity's\u00a0spot\u00a0ETF\u00a0<\/a>on\u00a0Thursday\u00a0morning,\u00a0according\u00a0to\u00a0a\u00a0recently\u00a0published\u00a0document.\u00a0The\u00a0regulatory\u00a0authority\u00a0has\u00a0highlighted\u00a0concerns\u00a0about\u00a0cryptocurrency-related\u00a0scams,\u00a0manipulation,\u00a0and\u00a0investor\u00a0protection\u00a0in\u00a0recent\u00a0months.\u00a0While\u00a0the\u00a0SEC\u00a0has\u00a0raised\u00a0similar\u00a0concerns\u00a0in\u00a0the\u00a0past,\u00a0they\u00a0appear\u00a0to\u00a0have\u00a0tightened\u00a0their\u00a0grip\u00a0on\u00a0crypto\u00a0rules\u00a0recently.<\/p>\n\n\n\n

The\u00a0SEC's\u00a0rejection\u00a0of\u00a0a\u00a0Bitcoin\u00a0ETF\u00a0<\/a>proposal\u00a0put\u00a0forth\u00a0by\u00a0the\u00a0Winkelvoss\u00a0brothers\u00a0Cameron\u00a0and\u00a0Tyler,\u00a0owners\u00a0of\u00a0the\u00a0Gemini\u00a0exchange,\u00a0goes\u00a0back\u00a0to\u00a0their\u00a0rejection\u00a0of\u00a0a\u00a0Bitcoin\u00a0ETF\u00a0proposal\u00a0put\u00a0forward\u00a0by\u00a0the\u00a0Winkelvoss\u00a0brothers\u00a0Cameron\u00a0and\u00a0Tyler,\u00a0owners\u00a0of\u00a0the\u00a0Gemini\u00a0exchange.\u00a0The\u00a0SEC\u00a0warned\u00a0in\u00a0a\u00a0statement\u00a0that\u00a0any\u00a0rule\u00a0modification\u00a0in\u00a0favor\u00a0of\u00a0sanctioning\u00a0the\u00a0ETF\u00a0would\u00a0not\u00a0be\u00a0intended\u00a0to\u00a0prevent\u00a0“fraudulent\u00a0and\u00a0manipulative\u00a0activities\u00a0and\u00a0practices”\u00a0or\u00a0to\u00a0“protect\u00a0investors\u00a0and\u00a0the\u00a0public\u00a0interest.”<\/p>\n\n\n\n

The\u00a0SEC\u00a0went\u00a0on\u00a0to\u00a0say\u00a0regarding\u00a0the\u00a0BZX\u00a0exchange<\/a>:<\/p>\n\n\n\n

\u201cBZX has not met its burden under the Exchange Act and the Commission\u2019s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section.\u201d<\/p><\/blockquote>\n\n\n\n

Following Fidelity's application in March 2021, the regulatory body extended its review window to accept or disapprove the offering in July and then in November.<\/p>\n\n\n\n

The US Securities and Exchange Commission (SEC) had already rejected a proposed spot ETF centered on Bitcoin from First Trust and Skybridge Capital on identical reasons. Stone Ridge and NYDIG are scheduled to make a decision on an ETF filing by mid-March.<\/p>\n\n\n\n

The Spot ETF Tussle  Continues<\/p>\n\n\n\n

The Securities and Exchange Commission (SEC) authorized the first-ever Bitcoin futures-backed ETF, which was launched by ProShares on the New York Stock Exchange in October 2021. Following that, the Valkyrie Bitcoin Strategy ETF and the VanEck Bitcoin Strategy ETF were approved.<\/p>\n\n\n\n

BTC's\u00a0price\u00a0rose\u00a0about\u00a025%\u00a0after\u00a0the\u00a0futures<\/h2>\n\n\n\n

ETF\u00a0approval\u00a0in\u00a0October,\u00a0and\u00a0the\u00a0optimistic\u00a0narrative\u00a0around\u00a0the\u00a0top\u00a0crypto\u00a0asset\u00a0at\u00a0the\u00a0moment\u00a0also\u00a0helped\u00a0it\u00a0achieve\u00a0an\u00a0all-time\u00a0high\u00a0of\u00a0$69,000\u00a0in\u00a0November.<\/p>\n\n\n\n

However,\u00a0it\u00a0appears\u00a0that\u00a0the\u00a0SEC\u00a0has\u00a0a\u00a0negative\u00a0attitude\u00a0toward\u00a0BTC\u00a0spot\u00a0ETFs<\/a>,\u00a0since\u00a0the\u00a0agency\u00a0denied\u00a0investment\u00a0firm\u00a0Kryptoin's\u00a0plan\u00a0to\u00a0market\u00a0a\u00a0spot\u00a0Bitcoin\u00a0ETF\u00a0in\u00a0December\u00a02021.\u00a0WisdomTree's\u00a0ideas\u00a0for\u00a0a\u00a0spot\u00a0Bitcoin\u00a0ETF\u00a0were\u00a0similarly\u00a0denied.<\/p>\n\n\n\n

Notably,\u00a0Bitcoin's\u00a0price\u00a0remained\u00a0below\u00a0the\u00a0important\u00a0$40,000\u00a0level,\u00a0with\u00a0the\u00a0commodity\u00a0trading\u00a0at\u00a0$36,664.37\u00a0at\u00a0press\u00a0time,\u00a0down\u00a03.45%.\u00a0The\u00a0coin's\u00a0trajectory\u00a0has\u00a0been\u00a0influenced\u00a0by\u00a0recent\u00a0weekend\u00a0losses,\u00a0as\u00a0well\u00a0as\u00a0BTC\u00a0flash\u00a0collapses\u00a0during\u00a0January.\u00a0At\u00a0the\u00a0time\u00a0of\u00a0writing,\u00a0BTC<\/a>\u00a0was\u00a0down\u00a047.13% from\u00a0its\u00a0all-time\u00a0high,\u00a0with\u00a0a\u00a01-year\u00a0ROI\u00a0against\u00a0USD\u00a0of\u00a0only\u00a0+18.66\u00a0%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Another\u00a0Bitcoin\u00a0bear\u00a0market\u00a0and spot\u00a0ETF\u00a0rejection\u00a0by US SEC has\u00a0left\u00a0market\u00a0participants\u00a0depressed. The\u00a0Securities\u00a0and\u00a0Exchange\u00a0Commission\u00a0 of\u00a0the\u00a0United\u00a0States\u00a0gave\u00a0the\u00a0spot\u00a0Bitcoin\u00a0ETF\u00a0proposal\u00a0from\u00a0investing\u00a0behemoth\u00a0Fidelity\u00a0a\u00a0green\u00a0light\u00a0on\u00a0January\u00a027. SEC’s rejection of  BTC Spot ETF The\u00a0SEC\u00a0denied\u00a0Fidelity’s\u00a0spot\u00a0ETF\u00a0on\u00a0Thursday\u00a0morning,\u00a0according\u00a0to\u00a0a\u00a0recently\u00a0published\u00a0document.\u00a0The\u00a0regulatory\u00a0authority\u00a0has\u00a0highlighted\u00a0concerns\u00a0about\u00a0cryptocurrency-related\u00a0scams,\u00a0manipulation,\u00a0and\u00a0investor\u00a0protection\u00a0in\u00a0recent\u00a0months.\u00a0While\u00a0the\u00a0SEC\u00a0has\u00a0raised\u00a0similar\u00a0concerns\u00a0in\u00a0the\u00a0past,\u00a0they\u00a0appear\u00a0to\u00a0have\u00a0tightened\u00a0their\u00a0grip\u00a0on\u00a0crypto\u00a0rules\u00a0recently. The\u00a0SEC’s\u00a0rejection\u00a0of\u00a0a\u00a0Bitcoin\u00a0ETF\u00a0proposal\u00a0put\u00a0forth\u00a0by\u00a0the\u00a0Winkelvoss\u00a0brothers\u00a0Cameron\u00a0and\u00a0Tyler,\u00a0owners\u00a0of\u00a0the\u00a0Gemini\u00a0exchange,\u00a0goes\u00a0back\u00a0to\u00a0their\u00a0rejection\u00a0of\u00a0a\u00a0Bitcoin\u00a0ETF\u00a0proposal\u00a0put\u00a0forward\u00a0by\u00a0the\u00a0Winkelvoss\u00a0brothers\u00a0Cameron\u00a0and\u00a0Tyler,\u00a0owners\u00a0of\u00a0the\u00a0Gemini\u00a0exchange.\u00a0The\u00a0SEC\u00a0warned\u00a0in\u00a0a\u00a0statement\u00a0that\u00a0any\u00a0rule\u00a0modification\u00a0in\u00a0favor\u00a0of\u00a0sanctioning\u00a0the\u00a0ETF\u00a0would\u00a0not\u00a0be\u00a0intended\u00a0to\u00a0prevent\u00a0“fraudulent\u00a0and\u00a0manipulative\u00a0activities\u00a0and\u00a0practices”\u00a0or\u00a0to\u00a0“protect\u00a0investors\u00a0and\u00a0the\u00a0public\u00a0interest.” The\u00a0SEC\u00a0went\u00a0on\u00a0to\u00a0say\u00a0regarding\u00a0the\u00a0BZX\u00a0exchange: \u201cBZX has not met its burden under the Exchange Act and the Commission\u2019s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section.\u201d Following Fidelity’s application in March 2021, the regulatory body extended its review window to accept or disapprove the offering in July and then in November. The US Securities and Exchange Commission (SEC) had already rejected a proposed spot ETF centered on Bitcoin from First Trust and Skybridge Capital on identical reasons. Stone Ridge and NYDIG are scheduled to make a decision on an ETF filing by mid-March. The Spot ETF Tussle  Continues The Securities and Exchange Commission (SEC) authorized the first-ever Bitcoin […]<\/p>\n","protected":false},"author":13,"featured_media":17407,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5371,5970,5652,6880],"class_list":["post-17403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-2","tag-etfs-2","tag-fidelity-2","tag-spot-etf"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/01\/image-294.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/17403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=17403"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/17403\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/17407"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=17403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=17403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=17403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}