{"id":16941,"date":"2023-01-26T19:42:28","date_gmt":"2023-01-26T19:42:28","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/sec-rejects-ark21shares-spot-bitcoin-etf-for-the-second-time\/"},"modified":"2023-01-26T19:42:28","modified_gmt":"2023-01-26T19:42:28","slug":"sec-rejects-ark21shares-spot-bitcoin-etf-for-the-second-time","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/sec-rejects-ark21shares-spot-bitcoin-etf-for-the-second-time\/","title":{"rendered":"SEC rejects Ark21Shares spot Bitcoin ETF for the second time"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674760857401-5dfa1674-aa81-44ca-a3da-e4e1fa302ba8-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674760857401-5dfa1674-aa81-44ca-a3da-e4e1fa302ba8-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674760857401-5dfa1674-aa81-44ca-a3da-e4e1fa302ba8-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674760857401-5dfa1674-aa81-44ca-a3da-e4e1fa302ba8-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/><\/picture><\/div>\n<ul>\n<li dir=\"ltr\">SEC has denied the Ark Investment and 21 Shares joint spot Bitcoin ETF application.<\/li>\n<li dir=\"ltr\">The agency says proposal failed to meet requirements as per securities laws, citing fraud and manipulative practices once again.<\/li>\n<li dir=\"ltr\">It\u2019s the second time the SEC has rejected an ETF proposal by the two firms, after denying the first one in April last year.<\/li>\n<\/ul>\n<p dir=\"ltr\">The US Securities and Exchange Commission (SEC) has disapproved a proposal seeking to list a spot <a href=\"https:\/\/coinjournal.net\/bitcoin\/\">Bitcoin<\/a> exchange-traded fund (<a href=\"https:\/\/coinjournal.net\/glossary\/exchange-traded-fund-etf\/\">ETF<\/a>) for the US market.<\/p>\n<p dir=\"ltr\">In a <a href=\"https:\/\/www.sec.gov\/rules\/sro\/cboebzx\/2023\/34-96751.pdf\" rel=\"noopener noreferrer\" target=\"_blank\">document<\/a> published on Thursday, the US securities market watchdog said it had rejected the application by Cathie Wood\u2019s Ark Investment and Swiss cryptocurrency investment firm 21Shares.\u00a0<\/p>\n<p dir=\"ltr\">The Ark 21Shares spot Bitcoin ETF had been proposed for listing on the Cboe BZX Exchange.<\/p>\n<h2 dir=\"ltr\">SEC denies Ark 21 Shares Bitcoin ETF again<\/h2>\n<p dir=\"ltr\">The Commission\u2019s order disapproving the two companies\u2019 ETF application noted that BZX did not \u201c<em>demonstrate that its proposal is consistent with the requirements of Exchange Act Section 6(b)(5)<\/em>.\u201d\u00a0<\/p>\n<p dir=\"ltr\">Specifically, the exchange failed to demonstrate that it could prevent fraud and other manipulative practices as well as protect those looking to <a href=\"https:\/\/coinjournal.net\/cryptocurrencies\/invest\/\">invest<\/a> in the product.<\/p>\n<p dir=\"ltr\">\u201c<em>The Commission further concludes that BZX has not established that it has a comprehensive surveillance-sharing agreement with a regulated market of significant size related to spot bitcoin, the underlying bitcoin assets that would be held by the Trust,<\/em>\u201d reads part of the SEC\u2019s reasoning for disapproval.<\/p>\n<p dir=\"ltr\">This is the second time the agency has rejected a spot Bitcoin ETF proposal by Ark Investment Management and 21Shares. The SEC dismissed a similar application in April, a move that prompted the two firms to submit a fresh one last May.<\/p>\n<p dir=\"ltr\">The SEC has also disapproved of multiple other spot bitcoin ETF applications, including one by Grayscale Investment, which sought to convert the Grayscale Bitcoin Trust (GBTC) to a BTC spot ETF. The asset manager filed a lawsuit against the agency following the agency\u2019s move in June 2022.\u00a0<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/sec-rejects-ark-21shares-spot-bitcoin-etf-again\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) SEC has denied the Ark Investment and 21 Shares joint spot Bitcoin ETF application. The agency says proposal failed to meet requirements as per securities laws, citing fraud and manipulative practices once again. It\u2019s the second time the SEC has rejected an ETF [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":16942,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/16941"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=16941"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/16941\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/16942"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=16941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=16941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=16941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}