HomeNewsOne River's spot Bitcoin ETF application rejected by SEC

One River’s spot Bitcoin ETF application rejected by SEC


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One River's spot Bitcoin ETF application rejected by SEC
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The US Securities and Trade Rate (SEC) maintained its ideal divulge for rejecting Bitcoin (BTC) space alternate-traded fund (ETF) applications Friday when it disapproved a rule trade to enable cryptocurrency-centered hedge fund One River Digital to give the One River Carbon Neutral Bitcoin Belief on the Current York Stock Trade Arca. The choice comes somewhat ahead of time table because the company had extended the unusual deadline to June 2 to enable beyond regular time for consideration.

The associated payment wrote that, when intriguing about One River’s proposed rule trade, it utilized “the identical fashioned inclined in its orders intriguing about old proposals to record bitcoin-essentially based commodity trusts.” Namely, the proposed rule trade didn’t meet the SEC’s suggestions around fraud prevention. The SEC extra clarified:

“[…] disapproval of this proposed rule trade does now no longer rest on an analysis of whether or now no longer bitcoin, or blockchain know-how extra on the total, has utility or price as an innovation or an funding.”

One River Digital used to be established in 2020 by Eric Peters, founder of One River Asset Management and is reportedly backed by billionaire Alan Howard, co-founder of Brevan Howard Asset Management.

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Amongst the financial organizations which occupy tried and didn’t acquire the SEC’s blessings on digital asset-essentially based ETFs these 365 days are Fidelity Investments, Current York Digital Funding Neighborhood (NYDIG), and Worldwide X, to boot as Skybridge Capital.

Grayscale has been extra militant in its efforts to acquire acclaim for a neighborhood-traded Bitcoin ETF. The digital asset supervisor has long previous to this level as to threaten to file a swimsuit against the SEC if its utility is denied, and has recently launched an advertising and marketing campaign to drum up public reinforcement for its utility.

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