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SkyBridge Joins SEC’s List of Bitcoin ETF Disapproved

SkyBridge Joins SEC’s List of Bitcoin ETF Disapproved

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Answer SkyBridge Joins SEC’s List of Bitcoin ETF Disapproved

Once again, the SEC rejected the spot bitcoin ETF request, which was submitted earlier by investment management firm First Trust Advisors and hedge fund SkyBridge led by Anthony Scaramucci.

The Securities and Exchange Commission said, in a statement published last Thursday, January 20, 2022, that the reason for the refusal was the failure to meet the necessary requirements.

According to an excerpt from the SEC statement:

Because NYSE Arca has not demonstrated that the proposed rule change is designed to prevent fraudulent and manipulative acts and practices, the Commission must reject the proposal.

In March 2021, SkyBridge partnered with the First Trust to offer a Bitcoin ETF application to the SEC.

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On May 25, the body began a formal review of the ETF’s proposal.

Later in July, the SEC for the first time delayed its decision on the application until August 25, with another delay until November 2021.

According to the statement issued by the Securities and Exchange Commission:

The regulator also concluded that NYSE Arca had not demonstrated that it had a participation agreement for comprehensive monitoring of the crypto market.

Meanwhile, the recent rejection by the Securities and Exchange Commission (SEC) is not surprising.

In December, the SEC rejected an application by Valkyrie and Kryptoin.

The NYDIG proposal has been postponed until March 16, 2022.

However, the SEC appears to be showing a preference for ETFs that track Bitcoin futures.

ProShares made history as the first company to operate the first approved Bitcoin futures-backed ETF in the USA.

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Then came others like “VanEck” and “Valkyrie”.

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