The US Securities and Exchange Commission (SEC) has officially rejected asset manager WisdomTree’s spot bitcoin ETF swap fund after several delays this year.

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

The Securities and Exchange Commission came to the conclusion that BZX did not meet the requirements for listing a financial product under the provisions of the Stock Exchange Act. The agency said the BTC ETF will not allow the commission to “obtain information necessary to detect, investigate and prevent fraud, market manipulation and violations of exchange rules and regulations and applicable federal securities laws.”

In addition, the SEC said the exchange did not provide sufficient funds “to prevent fraudulent and manipulative practices and practices” in possible listings.

In particular, BZX has not provided enough data to conclude that the cryptocurrency market is tamper-resistant or to address concerns about possible sources of fraud and manipulation, including wash trading, and other risk factors. Meanwhile, the SEC denied the evidence was based on a CME Group’s crypto futures product.

“The Commission cannot conclude, based solely on what BZX has said, without evidence or analysis to support its claims, that trading ETPs is unlikely to have a material impact on prices in the CME Bitcoin futures market.

Since first filing with on March 26, WisdomTree’s Bitcoin ETF proposal has been postponed several times into 2021 for rejecting WisdomTree’s offer, similar to the reason for rejecting VanEck’s Bitcoin ETF in November.

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