The U.S. Securities and Exchange Commission is expected to reject WisdomTree’s proposal to launch an exchange-traded spot bitcoin fund.

In its order, stated that the denial was necessary to protect investors from “fraudulent” and “manipulative” practices.

VanEck’s spot Bitcoin ETF proposal was also rejected in early November.

According to James Seyffart of Bloomberg Intelligence, the regulator will most likely turn down cryptoin’s spot ETF offer before Christmas.

We have a #Bitcoin SEC ETF Denial Letter from @WisdomTreeETFs‘ Application. This rejection is eagerly awaited … Next comes Cryptoin’s application, which is expected to be rejected shortly before Christmas. pic.twitter.com/HvUDlAGDqg

– James Seyffart (@JSeyff) December 2, 2021

While the SEC unveiled futures-based ETFs in October, the regulator is reluctant to approve an ETF that directly tracks the value of the largest cryptocurrency. two thousand thirteen.

As reported by U.Today, SEC chairman Gary Gensler recently said that Bitcoin is traded globally on unregulated exchanges that operate outside of the U.S. regulatory registry. This explains why the regulator is not getting involved in a spot Bitcoin ETF.