Bloomberg Law
Jan. 20, 2022, 4:16 PM

Skybridge’s Bitcoin ETF Proposal Is Latest Shot Down by the SEC

Allyson Versprille
Allyson Versprille
Bloomberg News

The U.S. Securities and Exchange Commission rejected Intercontinental Exchange’s NYSE Arca proposal for a Bitcoin exchange-traded fund from Anthony Scaramucci’s Skybridge Capital.

The First Trust SkyBridge Bitcoin ETF Trust proposal fell short of standards to prevent fraudulent and manipulative practices and to protect investors, the agency said in a filing Thursday. The regulator used similar arguments to deny proposals from Valkyrie Investments and Kryptoin in December.

The SEC has yet to approve a spot-Bitcoin ETF, though it gave the green light for futures-backed Bitcoin ETFs in October.

A decision on a proposal from Fidelity is expected by Jan. 27. ...