SEC Rejects Application for Fidelity's Wise Origin Bitcoin Trust Cash ETF

The United States Securities and Exchange Commission has disapproved asset manager Fidelity's Wise Origin Bitcoin Trust exchange-traded fund application.

According to a ruling on Thursday, the SEC rejected a proposed rule change by Cboe BZX Exchange to list and trade shares of Fidelity's Wise Origin Bitcoin (BTC) Trust. The regulator said any rule change in favor of ETF approval would not aim to prevent "fraudulent and manipulative acts and practices" nor would it necessarily "protect investors and the public interest."

Valkyrie Targets Nasdaq ETF Linked to Bitcoin Mining Firms The SEC extended its deliberation window to approve or reject the offer in July and November following Fidelity's original request in March 2021, but published in the Federal Register on June 1. The SEC added that the BZX exchange "has failed to meet its burden under the Exchange Act and the Commission's Rules of Practice to demonstrate that its proposal is consistent with the requirements of the Exchange Act Section."

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@kobe82346 posted 2 years ago

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