The Securities and Exchange Commission (SEC) of the United States has rejected a joint effort by Ark Investment Management and 21Shares to list a spot bitcoin exchange-traded fund for the second time (ETF). According to the SEC, the Cboe BZX Exchange, where the ETF would be listed, failed to “demonstrate that its proposal is consistent with the requirements” for preventing fraud and other malicious practises. An earlier attempt to list a spot bitcoin ETF in the United States by Cathie Wood’s Ark Investment Management and Swiss investment products provider 21Shares was rejected in April. The two companies decided to try again, filing a new application in May.
