The US Securities and Exchange Commission (SEC) again refused to create an application for a Bitcoin exchange-traded fund (ETF).
The SEC stated that the ETF proposal submitted by Bitwise Asset Management and NYSE Arca does not meet the legal requirements to prevent market manipulation or other illegal activities.
The Bitcoin ETF will allow investors to invest in such digital currencies without actually buying them or storing Bitcoin. However, to date, the SEC has rejected all Bitcoin ETF proposals on the grounds of market manipulation and fraudulent activity, reflecting the huge regulatory obstacles faced by cryptocurrency investments.
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source https://www.reddit.com/r/btc/comments/dhkjnz/us_securities_exchange_will_again_reject_bitcoin/
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