SEC, the United States Securities and Exchange Commission, has officially disapproved the application for the ARK 21Shares Bitcoin exchange-traded fund (ETF).
iexclusivenews reports that the SEC rejected a proposed rule change from the Chicago Board Options Exchange.
Or Cboe, BZX Exchange to list and trade shares of the ARK 21Shares Bitcoin (BTC) ETF in a filing on Thursday.
The SEC stated that the proposed rule change, which was first published for comment in the Federal Register in August 2021.
Would neither “prevent fraudulent and manipulative acts and practices” nor “protect investors and the public interest.”
This online news outlet understands that the Cboe BZX Exchange failed to meet the requirements, according to the SEC
For listing a financial product under its rules of practice as well as the Exchange Act.
To list a Bitcoin ETF, exchanges must have “a comprehensive surveillance-sharing agreement.
With a regulated market of significant size related to the underlying or reference Bitcoin assets.”
What You Need To Know
21Shares, a European exchange-traded product issuer, has filed an application with Ark Investment Management.
For a spot Bitcoin ETF to be listed on the Cboe BZX Exchange under the ticker ARKB in June 2021.
The SEC was given 180 days to make a decision or to open the offering to public comment.
The regulatory body extended its deliberation period to April 2022 in January 2022.
To date, the SEC has not approved any spot crypto ETF application for listing shares in the US.
iexclusive News Nigeria reports that it has approved investment vehicles linked to BTC futures.
Including offerings from ProShares, VanEck, and Valkyrie.
21Shares was one of the largest institutional crypto product issuers as of October 2021, with more than $2 billion in assets under management reported.
Grayscale, one of the next asset managers to hear from the SEC on their spot Bitcoin ETF.
It launched a campaign in February to encourage U.S. investors to submit comments to the regulatory body.
Grayscale’s Bitcoin Trust is expected to be converted into a spot BTC ETF by July 6, according to the regulator.
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