The USA Securities and Change Fee, or SEC, has formally disapproved the appliance for the ARK 21Shares exchange-traded fund (ETF).

In a Thursday submitting, the SEC rejected a proposed rule change from the Chicago Board Choices Change, or Cboe, BZX Change to checklist and commerce shares of the ARK 21Shares Bitcoin (BTC) ETF. The SEC stated the proposed rule change, initially printed for remark within the Federal Register in August 2021, wouldn’t be “‘designed to forestall fraudulent and manipulative acts and practices” nor “defend traders and the general public curiosity.”