The U.S. Securities and Exchange Commission (SEC) rejected investment firm Kryptoin’s proposal for a spot bitcoin exchange-traded fund (ETF) in a letter on Wednesday.
It was also not unexpected, as SEC Chair Gary Gensler has indicated his preference 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), began trading in October.
The SEC first began officially evaluating the Kryptoin application in April.
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