US Securities and Exchange Commission rejects Bitwise Bitcoin ETF proposal

The US Securities and Exchange Commission (SEC) has rejected Bitwise's latest Bitcoin ETF proposal. On October 9, the SEC announced that the ETF proposal submitted by Bitwise and the New York Stock Exchange Arca was not in compliance with the legal requirements to prevent market manipulation or other illegal activities. Bitwise submitted the ETF proposal for the first time in January 2019. According to previous news, VanEck withdrew its Bitcoin ETF proposal last month.