The agency's decision is based on its belief that the Bitcoin market is still susceptible to fraud and manipulation, and that a comprehensive surveillance-sharing agreement with a regulated market of significant size is needed in order to detect
and deter such practices.It remains to be seen whether Ark and 21Shares will make another attempt to list a spot bitcoin ETF, but in the current regulatory climate, it seems unlikely that the SEC will change its stance on the matter anytime soon.
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