SEC Rejects Valkyrie, Kryptoin Spot Bitcoin ETF Applications

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Crypto asset managers Valkyrie and Kryptoin have both seen their physical Bitcoin ETF proposals disapproved by the SEC.

By Andrew Asmakov

2 min read

Dec 23, 2021

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BITCOIN IS THE LEADING CRYPTOCURRENCY IN THE MARKET. IMAGE: SHUTTERSTOCK

The U.S. Securities and Exchange Commission (SEC) has rejected two more physically-backed Bitcoin exchange-traded funds (ETFs) proposed by Valkyrie and Kryptoin, respectively.

Both decisions, which can be found here and here, came on Wednesday, with the SEC providing the same arguments it used in the past when it rejected other applications.

According to the Commission, NYSE Arca and Cboe BZX Exchange, which filed respective proposed rule changes to list and trade Valkyrie and Kryptoin products, “failed to demonstrate that their proposals are consistent with the requirements of Exchange Act Section 6(b)(5)."

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