SEC dismisses Ark 21Shares’ latest ETF’s spot bitcoin rejection

SEC dismisses Ark 21Shares’ latest ETF’s spot bitcoin rejection

The ARK Investments and 21Shares collaborative spot bitcoin exchange-traded fund (ETF) has come to the end of the process with a refusal decision from the Securities and Exchange Commission (SEC).

The two firms have proposed that the ARK 21Shares Bitcoin ETF jointly, a submission that established 21Shares as the trustee of the trust and ARK as the leading player for marketing the trust shares. The companies first filed for the trust in June of 2021.

Cboe BZX Exchange subsequently filed an amendment to the rulebook to include the exchange, placing the SEC on notice. This led to a string of extensions by the regulator, which had an open comment request.

After the can have been kicked further down the road a few more times, the application is now at the point of no return. The SEC has issued a rejection decision on Tuesday concerning the same concerns raised in the previous ETFs with a spot in bitcoin that have been dismissed:

“The Commission concludes that BZX has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section 6(b)(5), and in particular, the requirement that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices’ and ‘to protect investors and the public interest.'”

The SEC has denied all requests that have been submitted to the end of the considerable time in this particular cycle of applications.

Also Read

Blockchain project Ronin was hit by a crypto-currency $615 million theft

Dubai Orders First Digital Asset Management Act, Establishes Crypto Sector Regulatory Authority

Ukraine Using Donated Crypto to Pay for Military Supplies

Bookmark and Visit us for Bitcoin and Cryptocurrency latest and regular updates

Leave a Comment