One River’s spot Bitcoin ETF application rejected by SEC
The United States Securities and Exchange Commission (SEC) maintained its perfect record for rejecting (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. The decision comes somewhat ahead of schedule, as the agency had extended the original deadline to June 2 to allow more time for consideration.
The commission wrote that, when considering One River’s proposed rule change, it applied “the same standard used in its orders considering previous proposals to list bitcoin-based commodity trusts.” Specifically, the proposed rule change did not meet the SEC’s rules around fraud prevention. The SEC further clarified: