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SEC Rejects Another Spot
Bitcoin ETF Bid by ARK and
21Shares
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SEC Rejects

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ARK has yet to convince regulators 24/7 Support
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Jan 27, 2023

XM
By Andrew Throuvalas 2 min read

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ARK focuses on investments in disruptive innovation.

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Another day, another refusal

by the Securities and
Exchange Commission (SEC)
to allow a Bitcoin spot ETF to
launch in the United States. 
The latest rejected proposal
came from Cathie Wood’s
ARK Invest and global crypto
ETF provider 21Shares, which
for a second time joined
forces in an attempt to
launch the ARK 21Shares
Bitcoin ETF. It was initially
filed last year on May 13, a
month after Ark’s first
attempt to list the product on
BZX was turned down. 

AD

An ETF—short for “exchange-

traded fund”—is an
investment vehicle offering
indirect exposure to an
underlying asset. This can be
useful for investing in items
that are difficult to own and
store by oneself, such as
gold, or for many,
cryptocurrency. 

The SEC’s rationale for the

decision is the same as last
time: Ark has failed to
demonstrate that the rules of
its exchange are adequate to
protect the investing public
from “fraudulent and
manipulative acts and
practices.”

Grayscale: SEC
Argument for
Blocking Bitcoin
Spot ETF 'Illogical'
In round five of the legal
battle between the SEC
and crypto investment…
firm Grayscale, the latter
News
has slammed Coinsthe
3 min read previous
Commission's
brief,J. indicating
Liam Kelly Jan 13,that2023
the
regulator's "central
premise is illogical."
Today's reply brief, first
shared with Decrypt,
“An exchange that lists
responds to the SEC's
December 9 brief and is
bitcoin-basedpartETPs can meet
of ongoing litigation
that Grayscale initiated in
its obligations under
June 2022. The litigation
Exchange Act began after the
Section SEC
6(b)(5)
denied the firm's attempts
by demonstrating
to convert that the
its Grayscale
Bitcoin Trust (GBTC) into
exchange has a
a coveted spot mark...

comprehensive surveillance-
sharing agreement with a
regulated market of
significant size related to the
underlying or reference
bitcoin assets,” explained the
SEC in its rejection. 

ETFs would also give

institutions a green light to
effectively buy Bitcoin when
they are otherwise barred
from doing so by internal
charter. This has made crypto
bulls thirsty for such a
product to hit the U.S. market
—but so far, no dice. 
 ProShares
Launches First ETF
to Short Bitcoin
ProShares, an exchange-
traded fund (ETF)
Bitcoin provider, today…
announced a new product
News
that willBusiness
allow investors
2 min
to bet read Bitcoin—a
against
U.S.Difirst.
Mat SalvoThe ProShares
Short
Jun 21,Bitcoin
2022 Strategy
ETF, slated to begin
trading under BITI on the
New York Stock Exchange
on Tuesday, provides an
By contrast,opportunity
the SEC willingly
to profit if
the price of the world’s
permitted multiple futures
biggest digital asset
declines.
Bitcoin ETFs to launch Short selling is
an investment strategy
beginning in October
that speculates 2021.
on an
asset falling in value,
The ProShares Bitcoin
compared with more
traditional bets on
Strategy ETF, whichincreas...
potential hit the
market first, had one of the
most active opening days in
NYSE history. 

Unlike spot ETFs, futures

ETFs are backed by Bitcoin
futures contracts—promises
to purchase Bitcoin for a set
price at a later date. Unlike
the Bitcoin spot market, the
Bitcoin futures market is a
regulated market in which an
ETF can have a surveillance
sharing agreement, such as
the CME Bitcoin futures
market. 

In its own filing for a similar

product, Grayscale argued
that it could enter a

surveillance-sharing
agreement with the same
 agreement with the same
market when launching a
Bitcoin spot ETF.  The SEC
did not recognize CME
Bitcoin Futures as adequately
“related to spot Bitcoin.”

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