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HomeLaw & PoliticsSEC dismisses WisdomTree proposal to list as spot Bitcoin ETF

SEC dismisses WisdomTree proposal to list as spot Bitcoin ETF

On October 11, SEC (Securities and Exchange Commission) dismissed the WisdomTree, an ETF (Exchange Traded Fund) provider firm, proposal of listing a spot bitcoin ETF.

After delaying its judgement in March and August, the SEC finally dismissed the WisdomTree Bitcoin Trust on October 11. As per the order, WisdomTree has not executed its responsibility to safeguard investors and stop price manipulation and scam activity.

spot Bitcoin ETF

Despite issuing repeated rejections, the SEC has not yet approved a spot-based bitcoin ETF. The majority of orders raise similar worries about inadequate procedures to stop market manipulation.

In December of last year, the regulator once again rejected a earlier version of WisdomTree product.

WisdomTree is a NY- based firm that offers exchange-traded products (ETPs) and asset manager service of exchange-traded funds (ETFs)

In June 2006, WisdomTree introduced its first ETFs, and after that quickly emerged as one of the country’s top ETF suppliers. 

Worldwide, WisdomTree sponsors a variety of ETFs across various asset classes like U.S. and international equity, fixed income, alternatives and currency.

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