WisdomTree Bitcoin Spot ETF Application Rejected By SEC Again

The WisdomTree Bitcoin Trust was denied approval by the Securities and Exchange Commission (SEC) due to insufficient investor protection.

The SEC has blocked the creation of a Bitcoin spot ETF in the United States once more.

On Tuesday, the commission issued an order denying Cboe BZX Exchange‘s newest application for the product, citing the same reasons as previous applications.

“The Commission concludes that BZX has not met its burden under the Exchange Act and the Commission’s Rules of Practice,” read the filing. 

The approach is unsurprising given that the SEC has stated for years that it has no intention of authorizing a Bitcoin spot exchange-traded fund (ETF).

There have been a number of denials in recent months, the most significant of which is Grayscale Investments‘ attempt to transform its enormous Grayscale Bitcoin Trust (GBTC) into a Bitcoin spot ETF.

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