The United States Securities and Exchange Commission, or SEC, has officially disapproved the application for First Trust SkyBridge’s spot exchange-traded fund after several deferments.

SEC rejectedThe New York Stock Exchange has proposed a rule change that would allow the First Trust SkyBridge Bitcoin ETF Trust Trust to trade and list shares. 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.”