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Turner Wright
Oct 11, 2022


SEC REJECTS WISDOMTREE’S APPLICATION FOR A SPOT BITCOIN ETF... AGAIN

Similar to its December 2021 rejection of a WisdomTree spot Bitcoin investment
vehicle, the SEC cited concerns about fraud and market manipulation.

2358 Total views
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2:39

News
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The United States Securities and Exchange Commission has disapproved of a rule
change that would allow exchange-traded fund (ETF) provider WisdomTree to list
and trade shares of a Bitcoin

BTC

$16,208

Bitcoin

-2.01%

MARKET CAP

$311.51b

VOL. 24H

$539.56m

BTC $33.08k

ETF.

According to an Oct. 11 filing, the SEC rejected a proposed rule change that
would have allowed WisdomTree to list and trade shares of its Bitcoin Trust on
the Cboe BZX Exchange after several delays due to extensions and comment
periods. WisdomTree first filed the spot Bitcoin ETF application on Jan. 25 with
publication in the federal register on Feb. 14.

The SEC said any rule change in favor of approving the ETF would not be
“‘designed to prevent fraudulent and manipulative acts and practices” nor
“protect investors and the public interest.” Will Peck, WisdomTree’s head of
digital assets, told Cointelegraph the firm would be working on ways to provide
investors access to crypto but hinted its plans for an ETF were still ongoing.

“WisdomTree believes in the power of transparency and we only put out products
that meet high regulatory, compliance and security frameworks as this will lead
to success for investors," said Peck. "We know that regulatory concerns take
time to address, and appreciate the due diligence in doing so. We acknowledge
that this is a slow-moving process, and we aren’t letting that stop us from
innovating in other ways in the meantime."

In a September interview, Peck said that the SEC’s market manipulation claims
would likely be “the hardest nut to crack” in an ETF approval, adding WisdomTree
was “kind of watching this and seeing what’s going to happen” but did not plan
to take Grayscale’s approach in filing a lawsuit with the SEC over the rejection
of its Bitcoin ETF. He said the company planned to “engage more productively”
with the U.S. regulator, positing the SEC would “ultimately get there” in
approving a spot crypto investment vehicle.

Similar to its December 2021 rejection of a WisdomTree spot Bitcoin ETF
offering, the SEC concluded that the BZX exchange did not have the ability “to
obtain information necessary to detect, investigate, and deter fraud and market
manipulation, as well as violations of exchange rules and applicable federal
securities laws and rules.” In addition, the financial regulator said BZX had
been unable to provide data demonstrating ”that wash trading and other possible
sources of fraud and manipulation in the broader Bitcoin spot market will be
ignored by market participants.”

“BZX has not met its burden of demonstrating an adequate basis in the record for
the Commission to find that the proposal is consistent with Exchange Act Section
6 (b) (5), 225 and, accordingly, the Commission must disapprove the proposal,”
said the filing.

Related: Why the world needs a spot Bitcoin ETF in the US: 21Shares CEO explains

To date, the SEC has not approved a single spot crypto ETF application in the
United States, despite criticism from many lawmakers, regulators and industry
leaders. However, the regulator began approving ETFs linked to Bitcoin futures
starting in 2021, giving the green light to companies including ProShares and
Valkyrie.

This story was updated to include a response from WisdomTree.

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 * #Bitcoin
 * #Investments
 * #SEC
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 * #Bitcoin Regulation


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