SEC Rejects 9 Bitcoin ETF Proposals
The SEC has issued rejections to bitcoin exchange-traded fund (ETFs) proposals from ProShares, GraniteShares and Direxion.
WisdomTree, an asset manager specializing in exchange-traded funds, is vying to become one of the first established U.S. financial firms to offer clients digital assets, including a so-called stablecoin whose value is closely linked to the U.S. dollar.
The SEC will approve or reject Wilshire Phoenix's bitcoin and U.S. Treasury ETF proposal next year.
The fast-growing Purpose Bitcoin ETF was projected to hit $1 billion by the end of this week, but as of Friday the assets were less than $700 million.
The bitcoin market isn't mature enough to support an ETF, said the SEC in its latest rejection of the concept. So what now?
The cryptocurrency markets are so far stable after Cbeo withdrew its ETF proposal with the SEC on Wednesday.