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SEC Rejects Bitwise’s Latest Bitcoin ETF Proposal

The U.S. Securities and Exchange Commission (SEC) has rejected the latest attempt at creating a bitcoin exchange-traded fund (ETF).

The SEC announced Wednesday that the ETF proposal, filed by Bitwise Asset Management in conjunction with NYSE Arca, did not meet legal requirements to prevent market manipulation or other illicit activities. The SEC placed the burden on NYSE Arca, rather than Bitwise’s proposal itself.

To date, the SEC has rejected all bitcoin ETF proposals, citing market manipulation and fraudulent activity concerns.

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