The US Securities and Trade 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 Trade, or Cboe, BZX Trade to record and commerce shares of the ARK 21Shares Bitcoin (BTC) ETF. The SEC mentioned the proposed rule change, initially printed for remark within the Federal Register in August 2021, wouldn’t be “‘designed to stop fraudulent and manipulative acts and practices” nor “shield traders and the general public curiosity.”