This isn’t the first time that the U.S. Securities and Exchange Commission has rejected proposals to create an ETP spot. However, different financial institutions continue to make efforts. Cboe BZX Exchange attempted to list Fidelity Wise Origin Bitcoin Trust on January 25th. Also, a Bitcoin ETP failed..

SEC Letter Published on Feb. 8 pointed out that the exchange has not met its burden to demonstrate the fund is “designed to prevent fraudulent and manipulative acts” and “to protect investors and the public interest.”