SEC Rejects Bitcoin ETF Again

The U.S. Securities and Exchange Commission (SEC) also rejected the application for the SolidX ETF, which, if approved, would trade on the New York Stock Exchange (NYSE). The reasons given are the same as the rejection of the Winklevoss brothers COIN ETF. The SEC reiterates that the lack of oversight and regulation at bitcoin exchanges led to the application being rejected.

The Commission believes that, in order to meet this standard, an exchange that lists and trades shares of commodity-trust exchange-traded products (ETPs) must, in addition to other applicable requirements, satisfy two requirements that are dispositive in this matter. First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated.

Earlier this month, on March 10, the SEC rejected Cameron and Tyler Winklevoss’ application for a bitcoin ETF. The difference with the application for the SolidX ETF is that the COIN ETF of the Winklevoss brothers would be traded on the Bats exchange. Given the previous rejection of the similar COIN ETF, this rejection comes as no surprise.

The full decision can be read here.

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