Bitcoin (BTC) futures, which marked 2021, did not come back. SEC kept the process tight after the initial clearance. SEC once again turned down the application.

SEC, which has not approved any spot Bitcoin ETF so far, has also recently rejected SkyBridge Capital's application. In the decision given, it was decided that the application did not meet the obligations under the Exchange Law and Commission Implementation Rules.

SEC's decision comes nearly four weeks after investment firm Kryptoin rejected a proposal to list a spot bitcoin ETF. The commission had previously rejected spot Bitcoin (BTC) ETF offers from VanEck and WisdomTree.

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Following First Trust and SkyBridge's initial filing to list an ETF on the New York Stock Exchange in March last year, SEC extended the deadline for its decision to July, then November.

The eventual rejection of the proposed First Trust SkyBridge Bitcoin (BTC) ETF Trust on Thursday comes as no surprise given the precedent set by SEC as a precedent for a preference for ETFs that track the bitcoin futures market rather than the asset itself.

It was decided that the ETF application in question did not meet the principles of "preventing fraudulent and manipulative acts and practices, investor protections and public interest".

In its previous decisions, SEC also rejected spot Bitcoin (BTC) ETF applications due to lack of investor protection.

The tacit approval of Bitcoin (BTC) Strategy ETFs by SEC towards the end of 2021 had raised expectations for spot ETFs.

Although SEC has not changed its mind on the Bitcoin (BTC) Spot ETF, most SEC members do not agree. Because SEC member Hester Peirce recently said that there is no reason why the spot Bitcoin ETF should not be approved.

It is evaluated that the approval of an ETF based on Spot Bitcoin (BTC) from the USA may cause many institutional investors to turn to this area.