JAKARTA - The US Securities and Exchange Commission vetoed two proposals to offer bitcoin exchange-traded funds. The decision has dealt a blow to market participants who hoped the agency would give the green light to the effort after approving a bitcoin futures fund in October.
In a notice dated Wednesday, December 22, the market regulator said both proposals to list and trade shares of the Valkyrie Bitcoin Fund and Kryptoin Bitcoin ETF Trust failed to be approved because they did not meet standards.
"(This proposal) does not meet standards designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest," the SEC said.
The SEC in October approved two bitcoin futures-based funds, the ProShares Bitcoin Strategy ETF and the Valkyrie Bitcoin Strategy ETF, which debuted on Wall Street the same month.
However, the regulator has yet to accept applications for spot bitcoin ETFs. Last month, the SEC rejected an application to create a spot bitcoin fund from VanEck. On December 17th, they also delayed a decision on a similar proposal from the Grayscale Bitcoin Trust.
ETFs are investment tools that track a basket of stocks and have become popular due to their lower costs. Bitcoin ETFs, which provide exposure to digital currencies, aim to save the hassle of buying cryptocurrency from exchanges and managing private keys.
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