After deferring on a decision multiple times over the past year, the United States Securities and Exchange Commission (or SEC) has disapproved spot-exchange-traded funds applications from New York Digital Investment Group and Global X.

The SEC has filed two Thursday filings. rejected proposed rule changes from the Cboe BZX Exchange and New York Stock Exchange’s Arca to List and trade shares of the Global X Bitcoin Trust and New York Digital Investment Group’s Bitcoin exchange-traded fund, or ETF, respectively. The SEC said that NYSE Arca and Cboe BZX had not met the burden under the Exchange Act and the SEC’s Rules of Practice of showing the ETF would be “designed to prevent fraudulent and manipulative acts and practices” and “protect investors and the public interest.”