The United States Securities and Exchange Commission, or SEC, has officially disapproved asset manager WisdomTree’s spot (BTCAfter deferring a decision on several occasions this year, he decided to invest in an exchange-traded funds (ETF).

The SEC filed a Wednesday report. rejected a proposed rule change from the Cboe BZX Exchange to list and trade shares of WisdomTree’s Bitcoin Trust. Specifically, the SEC said any rule change in favor of approving the ETF would not be “‘designed to prevent fraudulent and manipulative acts and practices” nor “protect investors and the public interest.”