SEC Rejects Another Bitcoin ETF, Citing Fraud Fears

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By Tom Zanki (January 20, 2022, 6:47 PM EST) — The U.S. Securities and Exchange Commission on Thursday rejected another proposal to permit trading of a bitcoin-based exchange-traded fund, worried that an ETF backed by a hedge fund run by former Trump communications director Anthony Scaramucci is susceptible to fraud.

The SEC said NYSE Arca Inc. failed to demonstrate its proposed rule change to allow trading of the First Trust SkyBridge Bitcoin ETF Trust — which, if approved, would have been the first ETF to directly hold bitcoin — was designed to protect investors from “fraudulent and manipulative acts” as required by the Securities Exchange Act of 1934.

NYSE Arca is…

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