SEC rejects listing of NYDIG, Global X spot Bitcoin ETFs

The US Securities and Exchange Commission has plans to keep up with its stringent policies when it comes to spot crypto ETF applications. Dismissing yet another two applications, the financial regulator has rejected the listing of spot Bitcoin ETFs offered by NYDIG and Global X.

In two separate filings rejecting the proposals the SEC gave similar reasons it conveyed while declining VanEck, WisdomTree, and Fidelity applications.

Cboe BZX Exchange filing for a proposed rule change to list and trade shares of the Global X Bitcoin Trust. However, it was rejected because the application has not been “designed to prevent fraudulent and manipulative acts and practices” and “to protect investors and the public interest.”

For Bitcoin platform NYDIG, the regulator had previously extended the review period to examine the proposed rule change by the NYSE Arca to list the NYDIG spot Bitcoin ETF. However, the SEC has rejected the application on similar grounds as Global X’s proposal.

So far, the SEC has disapproved of all physical Bitcoin ETF applications including those filed by SkyBridge, Kryptoin, Valkyrie, VanEck, and WisdomTree. However, the SEC has approved the listing of multiple Bitcoin futures ETFs, given the chairman Gary Gensler’s undisguised preference for bitcoin futures.

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