SEC Rejects Fidelity's Bitcoin ETF Application

The United States Securities and Exchange Commission struck down the Bitcoin BTC/USD exchange-traded fund application by major asset manager Fidelity.

What Happened: Reuters reported on Thursday that the securities regulator rejected Fidelity's Wise Origin Bitcoin Trust ETF Application after a series of similar application rejections.

As Benzinga previously reported, the SEC first delayed its Bitcoin ETF application decisions, then rejected them one after another including the one submitted by WisdomTree and the one submitted by VanEck.

See Also: BEST CRYPTO ETFs

While the regulator has yet to approve an ETF backed by actual Bitcoin, the SEC approved ETFs backed by Bitcoin futures for trading in the United States. Similarly, the regulator gave its go-ahead to an ETF granting investors exposure to publicly traded companies owning Bitcoin, and now it will be examining an application by Valkyrie to launch a product giving exposure to firms that originate some of their revenue from Bitcoin mining.

BTC Price Action: As of press time, Bitcoin is trading at about $36,600 after losing over 4% of its value over the last 24 hours.