After rejecting One River Digital's proposal to list the One River Carbon Neutral Bitcoin Trust on the New York Stock Exchange Arca, the Securities and Exchange Commission (SEC) has maintained its stance on Bitcoin spot exchange-traded fund (ETF) applications.

The SEC stated in its ruling that it utilised "the same approach used in its decisions reviewing previous requests to list bitcoin-based commodity trusts" and that One River's proposed rule change did not comply with its fraud prevention regulations. One River Digital, founded by Eric Peters in 2020, is said to have the support of Alan Howard, co-founder of Brevan Howard Asset Management. The hedge fund has now joined a growing list of financial institutions that have attempted and failed to work with the SEC.

https://twitter.com/HasteCoin/status/1530970995598708736
<h2>Bitcoin ETFs and the SEC</h2>
The SEC's decision to deny the application is not wholly unexpected, given that numerous institutions had filed for clearance but were also denied. These companies are New York Digital Investment Group (NYDIG), Skybridge, Global X, and Fidelity Investments. The Commission has stated that it has rejected spot Bitcoin ETF proposals in most cases because of concerns about manipulation and fraud.

The SEC rejected Ark 21Share's joint application, which was filed on behalf of Cboe BZX Exchange and collaborated with Wall Street giant Cathie Wood's Ark Investment Management and investment firm 21Shares. The SEC stated that BZX did not meet the requirements for investor protection because it did not meet the Exchange Act's burden requirements.

Grayscale Investments met with the SEC last month to continue its attempts to meet the compliance criteria for turning its Grayscale Bitcoin Trust (GBTC) into a spot bitcoin ETF, which has been pending with the regulator since early 2017.

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U.S. SEC Rejects Carbon-Neutral Bitcoin ETF by One River

After rejecting One River Digital's proposal to list the One River Carbon Neutral Bitcoin Trust on the New York Stock Exchange Arca, the Securities and Exchange Commission (SEC) has maintained its stance on Bitcoin spot exchange-traded fund (ETF) applications.

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

U.S. SEC Rejects Carbon-Neutral Bitcoin ETF by One River

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