ARK 21Shares Bitcoin ETF rejected by the Sec

ARK 21Shares Bitcoin ETF rejected by the Sec

The United States Securities and Exchange Commission (SEC) rejected the joint effort of ARK Investment Management and 21shares to write down a spot bitcoin ETF at the CBOE BZX Exchange.

Another application by the partner in spring 2022 the agency rejected.

• As can be seen from a recently submitted application, the American financial supervisory authority did not allow the introduction of the BTC Spot ETF from ARK 21Shares on the US market.
• The product should be noted at the CBOE BZH Exchange. However, the SEC claimed that the venue "did not prove that its proposal meets the requirements" to prevent price manipulations and fraud.
• Cathie Woods Ark Investment Management and the Swiss FinTech company 21Shares showed intentions to introduce a BTC-Spot ETF in the States in 2021, but the supervisory authority declined its application in the second quarter of last year with the reason for a lack of investor protection.
• The SEC has recently rejected many other similar efforts, with Grayscale, Vaneck and Nydig being some examples.
• discouraged by the constant rejections, Schwor Grayscale, to lead a legal dispute with the supervisory authority. Both sides are currently Currently their arguments in court in early March.
• Despite its unfriendly attitude towards such products, the SEC has approved The ETF (named Bito) supported by Proshares in October 2021.
• Later she said "yes" to Valkyrie's proposal to list a BTC Futures fund. The VBTC is available to accredited investors and offers commitment in primary cryptocurrency.

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