SEC Rejected Fidelity’s Application for Spot Bitcoin ETF
The US Securities and Exchange Commission (SEC) rejected the application of the management company Fidelity Investments to register a spot Bitcoin ETF.
In its refusal, the agency cited several factors: a lack of cooperative oversight agreements and a failure to curb fraudulent or manipulative practices in the spot market.
This is not the first time the SEC has refused to register Bitcoin spot ETFs. Grayscale Investments received a similar refusal in early December last year.
However, company representatives said that the SEC’s refusal was unreasonable, and sent a letter to the Secretary of the Securities and Exchange Commission, Vanessa Countryman.