The US Securities and Exchange Commission has officially rejected the Bitcoin (BTC) exchange-traded fund of asset manager WisdomTree after postponing the decision several times this year.

According to filings filed on Wednesday, the SEC rejected a proposed rule change by Cboe Exchange BZX for the listing and trading of shares in WisdomTree’s Bitcoin trust fund. In particular, the SEC said any rule changes that benefit ETF approval are not “intended to prevent” fraudulent and manipulative practices and practices or to “protect investors,” private and public interest.

The SEC concluded that BZX had failed to meet the requirements to list a financial product under its rules other than the Stock Exchange Act and said the proposed BTC ETF would not allow the commission to “obtain information pertinent to disclosure , Fraud Investigation, and Fraud Prevention and Marketing are needed ”. Manipulation and violations of stock exchange rules and applicable federal securities laws and regulations. In addition, the SEC said the exchange did not provide sufficient funds in any of the potential listings “to prevent fraudulent and manipulative practices and practices”.

In particular, the agency stated that BZX did not provide enough data to conclude that the cryptocurrency market is resistant to tampering or to address concerns about possible sources of fraud and tampering, including wash trading and other risk factors. While the exchange used the examples of crypto futures products with the CME team in their reasoning for approval, the SEC rejected them as evidence of their acceptance of a crypto ETF.

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“Based on what BZX has said and without evidence or analysis to support BZX’s claims, the Commission cannot conclude that trading ETP is unlikely to have a major impact on prices in the CME Bitcoin futures market. Said the file.

Related: Grayscale says the SEC has “no basis” to approve Bitcoin futures ETFs and not a spot ETF

Since first filing with the SEC on March 26, WisdomTree has seen the committee postpone its decision on its on-site Bitcoin ETF several times until 2021 or reject the proposed rule change in May, July and September WisdomTree’s offer, similar to those for VanEck’s Bitcoin ETF, was rejected in November.

However, WisdomTree was able to list the product traded in its crypto basket worldwide on the Euronext stock exchanges in Paris and Amsterdam. Behind the investment product, which is traded under the MEGA token, there are physical crypto assets such as BTC and Ether (ETH).

A separate ETF application for the WisdomTree Ethereum Trust in the US, first filed with the SEC in May, is still under review. Additionally, the agency is likely to make a decision on an exchange-traded fund that offers bitcoin exposure to cryptocoin, with an expected deadline of December 24th.