Cathie Wood Suffers and Major Blow

Cathie Wood took a hit on Friday when the US Securities and Exchange Commission (SEC) turned down an application for a spot bitcoin exchange-traded fund EFT from the star investor’s Ark 21Shares.

Basically, the firm wanted the market watchdog to approve spot exchange-traded funds, or ETFs, based on actual bitcoin holdings.

‘Protect Investors and the Public Interest’

Cboe BZX Exchange filed an application to allow for a rule change, but the SEC said that BZX did not meet its burden under the Exchange Act and the Commission Rules of Practice, and “in particular, the requirement that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices’ and ‘to protect investors and the public interest.’ “

.

Leave a Comment