The US Securities and Exchange Commission (SEC) maintained its perfect record of denying Bitcoin (BTC) ETF applications on Friday, when it rejected Rule change to allow cryptocurrency-focused hedge fund One River Digital to offer River Carbon Neutral Bitcoin Trust on NYSE Arca.
The decision comes somewhat ahead of schedule, as the agency has extended the original deadline to June 2 to allow more time to consider it, according to the Cowen Telegraph.
The authority wrote that when considering the rule change proposed by One River, it applied the same standard used in its orders given previous proposals to include Bitcoin-based commodity funds. Specifically, the proposed rule change does not meet the SEC's rules on fraud prevention.
The SEC has also made clear that disapproval of this proposed rule change is not dependent on an assessment of whether Bitcoin, or blockchain technology in general, is useful or Value as an innovation or investment.
One River Digital was founded in 2020 by Eric Peters, founder of One River Asset Management, and is said to be backed by billionaire Alan Howard, co-founder of Previn Howard. Asset Management.
