Ark 21Shares Bitcoin ETF rejected once again by the SEC

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The United States Securities and Exchange Commission (SEC) has rejected a joint effort by Ark Investment Management and 21Shares to list a spot Bitcoin ETF on the Cboe BZX Exchange.

The agency denied another request filed by the partners in the spring of 2022.

As reported in a recent filing, the US financial regulator has not allowed Ark 21Shares’ BTC Spot ETF to launch in the US market. The product was to be listed on the CBOE BZH Exchange. However, the SEC claimed the site had not “demonstrated that its proposal meets requirements” to prevent price manipulation and fraud. Cathie Wood’s Ark Investment Management and Swiss fintech company – 21Shares – posted plans to introduce a BTC Spot ETF in the States in 2021, but the watchdog rejected their request in the second quarter of last year, citing a lack of investor protection. The SEC has rejected many other similar efforts in the recent past, of which Grayscale, VanEck, and NYDIG are a few examples. Disheartened by the constant denials, Grayscale has vowed to engage in a legal battle with the regulator. Both parties will present their arguments in court in early March. Despite its hostile stance towards these products, the SEC approved ProShares’ Bitcoin Futures-backed ETF (dubbed BITO) in October 2021. It then said “yes” to Valkyrie’s proposal to list a fund BTC Futures. VBTC is available to accredited investors and provides exposure to the leading cryptocurrency. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% off Binance Futures fees for the first month (terms).

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