Breaking: The SEC has rejected the latest Bitwise Bitcoin ETF bid

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According to reports, The U.S. Securities and Exchange Commission (SEC) has rejected the latest attempt for a BitcoinETF

“The Commission is disapproving this proposed rule change because, as discussed below, NYSE Arca has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section 6(b)(5), and, in particular, the requirement that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices.’”

(Source Coindesk)

The SEC has commented saying that the ETF proposal, filed by Bitwise Asset Management in conjunction with NYSE Arca, “did not meet legal requirements” to prevent market manipulation.

There has been no immediate reaction in Bitcoin just yet but the news may have not filtered through.

More details to follow.

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