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Policy

SEC Rejects Kryptoin Spot Bitcoin ETF Proposal

The decision comes about five weeks after the agency rejected VanEck’s application for a spot bitcoin ETF.

By James Rubin
AccessTimeIconDec 22, 2021 at 10:57 p.m. UTC
Updated Dec 23, 2021 at 3:14 p.m. UTC
(Andrew Harrer/Bloomberg via Getty Images)

(Andrew Harrer/Bloomberg via Getty Images)

Ryan VanGrack
Managing Director and General Counsel
Citadel Securities
The Turf War: Veterans of the SEC and CFTC Weigh In
Secure Your Seat
Ryan VanGrack
Managing Director and General Counsel
Citadel Securities
Consensus 2023 Logo
The Turf War: Veterans of the SEC and CFTC Weigh In
Secure Your Seat

James Rubin is CoinDesk's U.S. news editor based on the West Coast.

Ryan VanGrack
Managing Director and General Counsel
Citadel Securities
The Turf War: Veterans of the SEC and CFTC Weigh In
Secure Your Seat
Ryan VanGrack
Managing Director and General Counsel
Citadel Securities
Consensus 2023 Logo
The Turf War: Veterans of the SEC and CFTC Weigh In
Secure Your Seat

The U.S. Securities and Exchange Commission (SEC) rejected investment firm Kryptoin’s proposal for a spot bitcoin exchange-traded fund (ETF) in a letter on Wednesday.

  • The decision comes roughly five weeks after the agency had rejected VanEck’s application for a spot bitcoin ETF.
  • It was also not unexpected because SEC Chair Gary Gensler has stated his preference for a bitcoin futures ETF over an ETF that holds bitcoin itself.
  • Two bitcoin futures ETFs, the ProShares Bitcoin Strategy ETF (BITO) and the Valkyrie Bitcoin Strategy ETF (BTF), began trading in October.
  • The SEC began officially evaluating the Kryptoin application in April.
  • Bitcoin’s price was down slightly in Wednesday afternoon trading.

Read more: SEC Delays Decision on 4 Bitcoin ETFs

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James Rubin

James Rubin is CoinDesk's U.S. news editor based on the West Coast.

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

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James Rubin

James Rubin is CoinDesk's U.S. news editor based on the West Coast.

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