The Securities and Exchange Commission (SEC) rejected a total of nine Bitcoin ETFs from three different candidates - the SEC announced on Aug. 22.
SEC makes a decision earlier than expected for a day for ProShares' ETF BTC to be listed on the NYSE Arca.
The SEC has declined to add the seven ETFs proposed along with ProShares' ETFs - these are the five ETFs proposed by Direxion, for listing on the NYSE Arca and two from GraniteShares, for listing on the CBOE.
For all three refusals, the SEC has stated that:
The committee did not approve of these proposed rules changes because, as discussed below, the trading floor did not meet the items in the trading rules and the committee's practice rules to prove that Its output conforms to the requirements of transaction law 6 (b) (5), in particular requiring that 'national securities exchange rules' be designed to prevent fraud and plot.