One River Capital, a company that is trying to launch a cryptocurrency exchange-traded fund (ETF) in the United States has been rejected by SEC. The rejection comes on the heels of declining Bitcoin price and One River’s announcement that it would not be launching its ETF last year.
The “sec rejects bitcoin etf” is a recent event that has been widely reported on. The SEC has rejected the application for a Bitcoin ETF by One River Capital Management, Inc.
The Securities and Exchange Commission (SEC) kept its perfect record of rejecting Bitcoin (BTC) spot exchange-traded fund (ETF) applications when it denied a rule change that would have allowed cryptocurrency-focused hedge fund One River Digital to offer the One River Carbon Neutral Bitcoin Trust on the New York Stock Exchange Arca. The government had delayed the initial deadline to June 2 to enable additional time for deliberation, thus the decision comes ahead of schedule.
The commission noted that it adopted “the same approach utilized in its rulings reviewing prior requests to list bitcoin-based commodities trusts” when examining One River’s proposed rule modification. The proposed rule change, in particular, did not comply with the SEC’s fraud prevention guidelines. The SEC went on to say:
“[…] criticism of this proposed regulation change is not based on an assessment of bitcoin’s or blockchain technology’s usefulness or worth as an invention or an investment.”
Eric Peters, creator of One River Asset Management, founded One River Digital in 2020, and billionaire Alan Howard, co-founder of Brevan Howard Asset Management, is said to be a backer.
Cathie Wood’s Ark and 21Shares have filed a new application for a spot Bitcoin ETF.
Fidelity Investments, New York Digital Investment Group (NYDIG), Global X, and Skybridge Capital are among the financial firms that have attempted and failed to get the SEC’s approval for digital asset-based ETFs this year.
Grayscale has stepped up its attempts to get regulatory clearance for a spot-traded Bitcoin ETF. The digital asset management has threatened to sue the SEC if its application is refused, and has lately begun a public awareness campaign in favor of its application.
The “spot etf meaning” is the process of applying for a new type of security, which is an exchange-traded fund. The SEC rejected One River’s application because they didn’t believe that the ETF would be able to meet the requirements set by law.
- skybridge etf rejected
- one river digital income fund
- bitcoin spot etf approval
- spot etf vs futures etf
- grayscale spot etf