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WisdomTree Funding’s (NASDAQ:WETF) software for a spot bitcoin (BTC-USD) exchange-traded fund has been denied by the Securities and Alternate Fee on Tuesday, citing issues about insufficient fraud and investor protections.
This is not the primary time the corporate’s proposal for a spot BTC ETF was not accredited. Final yr, it tried to listing the WisdomTree Bitcoin Belief, solely to get jilted by the SEC.
The SEC’s transfer to reject the WisdomTree Bitcoin Belief would not come as a shock because the company continues to make plain that it would not intend to approve a spot bitcoin (BTC-USD) ETF amid mounting issues over the cryptocurrency trade.
In contrast to a bitcoin technique ETF like ProShares Bitcoin Technique (NYSEARCA:BITO), a spot Bitcoin ETF would maintain precise BTC within the ETF wrapper.
WisdomTree (WETF) is becoming a member of a rising listing of companies which have confronted rejections up to now yr, together with SkyBridge Capital, Kryptoin, VanEck and Constancy.
intraday value motion, bitcoin (BTC-USD) fell 1.2% to beneath $18.96K at 3:02 p.m. ET. That is down from its November 2021 peak of $68.9K.
In direction of the top of August, VanEck’s spot bitcoin ETF proposal has been delayed by SEC.
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