“The ETF Did Not Meet the Necessary Requirements”- SEC

“The ETF Did Not Meet the Necessary Requirements”- SEC

On the contention that the ETF (exchange-traded fund) documenting from Bitwise Asset Management and NYSE Arca didn't meet the fundamental prerequisites, the United States Securities and Exchange Commission (SEC) dismissed a proposal to list a Bitcoin (BTC) ETF.

The announcement came on Oct. 9, where the regulators expressed that the said applicants didn't meet the vital prerequisites with respect to conceivable market manipulation and illicit activities.

The SEC stated: "Rather, the Commission is disapproving this proposed rule change because, as discussed below, NYSE Arcahas not met its burden under the Exchange Act and the Commission’s Rules of Pr ..