One River’s spot Bitcoin ETF application rejected by SEC

One River's spot Bitcoin ETF application rejected by SEC

The United States Securities and Exchange Commission (SEC) maintained its perfect record for rejecting Bitcoin (BTC) spot exchange-traded fund (ETF) applications Friday when it disapproved a rule change to allow cryptocurrency-focused hedge fund One River Digital to offer the One River Carbon Neutral Bitcoin Trust on the New York Stock Exchange Arca. This decision is somewhat earlier than expected, as the agency extended the deadline to June 2, to give more time for consideration.

According to the commission, One River’s proposed rule changes were considered by it using “the same standard as its previous orders addressing proposals to list cryptocurrency-based commodity trusts.” The SEC’s fraud prevention rules were not met by the proposed rule change. Further clarifications were made by the SEC:

“[…] The proposed rule change is not based on an assessment of bitcoin or blockchain technology as an innovation or investment.

One River Digital, founded by Eric Peters of One River Asset Management in 2020, was reportedly supported by billionaire Alan Howard of Brevan Howard Asset Management.

Related: Cathie Wood’s Ark and 21Shares file for spot Bitcoin ETF

Fidelity Investments and New York Digital Investment Group (NYDIG), as well as Skybridge Capital, were among the financial institutions that tried unsuccessfully to get the SEC’s approval for digital asset-based ETFs.

Grayscale has been even more determined in its attempts to get approval for a spot-traded Bitcoin ETF. Grayscale, a digital asset manager, has threatened to sue the SEC if it is denied. Recently, he launched a campaign to get public support for his application.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Amy Jimenez

Amy Jimenez– Services My name is Amy Jimenez, and I am the main writer behind the" allthetopnews.com" for the ground-breaking and most fragile bits of knowledge into the most recent news in the services sector. I began my voyage of work as an autonomous investment advisor. I had around 4 years of involvement in this field. I am a free soul so; my energy for investigating the world has taken me to the countries over the globe and allowed me to report for a part of the best news affiliations. At present, I am a full-time manager as experienced in the account and began to utilize my capacities.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami