Cryptocurrencies
SEC Dashes Spot Bitcoin ETF Hopes With Fidelity Rejection
- Regulators reject proposal to list a Fidelity Bitcoin trust
- Filing says bid didn’t meet standards to protect investors
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A U.S. regulator rejected yet another proposal for an ETF that would directly hold Bitcoin, adding to the fast-growing pile of denials and dimming hopes of the sought-after product getting cleared anytime soon.
The U.S. Securities and Exchange Commission, in a Thursday filing, rejected the proposal from the Cboe BZX Exchange Inc. to list and trade shares of Fidelity’s Wise Origin Bitcoin Trust. Several investment fund providers have tried to launch the first spot Bitcoin ETF since the SEC permitted futures-backed Bitcoin ETFs in October, but none have succeeded.