SEC Rejects Two Spot-Bitcoin ETFs, Citing Security Concerns

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The Street

By Rob Lenihan The SEC raises concerns about preventing ‘fraudulent and manipulative acts and practices.’ The U.S. Securities and Exchange Commission rejected two proposals to offer physically-backed Bitcoin exchange-traded funds, The SEC said Wednesday that proposals from Valkyrie Investments and Kryptoin failed to meet requirements that the rules of a national securities exchange be “designed to prevent fraudulent and manipulative acts and practices” and “to protect investors and the public interest.” In its ruling, the SEC emphasized “that its disapproval of this proposed rule change does n…

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