The US Securities and Exchange Commission has rejected WisdomTree’s spot Bitcoin ETF after postponing the decision severally.
The commission disapproved a proposed rule change by the Cboe BZX Exchange to offer WisdomTree’s Bitcoin Trust shares in a Wednesday filing.
The SEC notes that BZX had not fulfilled the requirements of listing a financial product and that the BTC ETF proposal did not disclose adequate information. The commission adds that the filing did not address potential fraud and risk factor sources.
The regulator says that any rule change to approve the ETF would not be made to prevent fraudulent and manipulative acts and practices or protect investors and the public interest.
WisdomTree applied to the SEC on March 26 for a spot Bitcoin ETF, and the commission opened it to the public for comments in April. The asset manager has filed a different application with the commission for WisdomTree’s Ethereum Trust in the US pending review.