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SEC Quashes Dreams of Bitcoin ETF With Another Rejection

  • Commissioner Hester Peirce doubts a fund will ever be approved
  • Application by Wilshire Phoenix and NYSE Arca rejected

The U.S. Securities and Exchange Commission disapproved the last proposal for a Bitcoin exchange-traded fund, likely destroying any remnants of hope from digital currency fans that a fund would get the green light this year.

The SEC denied an application Wednesday by Wilshire Phoenix and NYSE Arca Inc. to list a fund that wanted to mix Bitcoin and short-term Treasuries, according to an order posted on the regulator’s website. Bitcoin dropped more than 6% to about $8,819 as of 4:13 p.m. in New York.