SEC Rejects Kryptoin Spot Bitcoin ETF Proposal

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

  • The choice comes roughly 5 weeks after the company had rejected VanEck’s utility for a spot bitcoin ETF.
  • It was additionally not sudden, as SEC Chair Gary Gensler has indicated his desire 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), started buying and selling in October.
  • The SEC first started formally evaluating the Kryptoin utility in April.
  • Bitcoin’s value was down barely in Wednesday afternoon buying and selling.

Read extra: SEC Delays Decision on 4 Bitcoin ETFs