The US Securities and Exchange Commission rejected the multiple pending applications a few days ago after rejecting the Bitcoin ETF fund submitted by the Wenkleworth brothers earlier this month.
For Bitcoin, if you can apply through the US Securities and Exchange Commission’s ETF, it means more people can participate in Bitcoin’s investment more widely. This is also why the virtual currency industry is very much looking forward to the approval of the Bitcoin ETF fund. If approved, the bitcoin price may skyrocket again.
However, there is no surprise that the SEC has once again rejected multiple Bitcoin ETF applications, and even the agency gave the same reasons. For the US Securities and Exchange Commission, you can continue to apply for the Bitcoin ETF, but I will refuse until you give up.
The reason is the past:
The SEC’s refusal of such applications is primarily a virtual currency exchange that does not fulfil its obligations under the Trading Act and the Commission’s business practices.
At the same time, it is unable to fulfil the provisions of the Exchange Law on preventing fraud and manipulating market behaviour. In the end, it still believes that Bitcoin has fraud and investment speculation.
The committee also stressed that the rejection is not based on an assessment of Bitcoin and blockchain technology, that is, purely from an investment perspective.
So even if many people recognise Bitcoin and blockchain technology, they can’t solve the problem of fraud and speculation. This is also the fundamental problem of virtual currency.