The Sec Rejects ARK’s and 21Shares’ Second Bitcoin ETF Application

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Last Updated on January 27, 2023 by Bitfinsider

The Securities and Exchange Commission has rejected ARK Investment Management and 21Shares’ proposal for a spot bitcoin exchange-traded fund.

The ruling marks the second time ARK and 21Shares have attempted to launch the Cboe BZX Exchange, only to be turned down by the commission. Last April, the SEC rejected the companies’ initial petition to form a bitcoin ETF.

“The commission concludes that BZX has not met its burden under the Exchange Act,” the SEC stated, echoing previous findings.

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