SEC Denies One River’s Bitcoin ETF Bid
The decision brings the number of rejections to 10 since 2021.
The Securities and Exchange Commission rejected One River Digital Asset Management’s bid to launch a spot bitcoin ETF on U.S. markets, marking the 10th such rejection from regulators in recent months.
The One River Carbon Neutral Bitcoin Trust follows an MVIS index that aims to hold bitcoin and adjust the price by subtracting the cost of enough carbon credits to, in theory, offset the emissions output of each bitcoin.
The order released Friday states a familiar reason for the denial: The SEC rejected One River’s claim that taking an average of the spot price of bitcoin on several large exchanges does not fulfill the anti-price manipulation standards that would be in place under a crypto exchange and surveillance agreement that is under full federal regulation.
The rejection means only the WisdomTree Bitcoin Trust and the recently renewed ARK 21Shares Bitcoin Trust applications are active and in front of regulators, according to ETF.com’s bitcoin ETF tracker.
Contact Dan Mika at [email protected], and follow him on Twitter
