SEC denies Kryptoin’s proposed Spot Bitcoin ETF

The U.S. Securities and Exchange Commission has denied Kryptoin’s proposal for a spot-bitcoin exchange traded fund on Wednesday, which it had filed for back in April of this year. The decision by the SEC did not come as much of a surprise to most as regulators previously denied a decision for VanEck’s spot bitcoin ETF back in early November. SEC Chairman Gary Gensler has made it very clear that he favors Bitcoin Futures ETFs at this time over an ETF that holds physical Bitcoin as the United States still waits on the sidelines for a physically backed bitcoin ETF. For now, market participants that are interested in crypto assets that are put together inside of an ETF wrapper will have to look towards the ProShares Bitcoin Strategy ETF (NYSEARCA:BITO), Valkyrie Bitcoin Strategy ETF (NASDAQ:BTF), and the VanEck Bitcoin Strategy ETF (BATS:XBTF). Daily price action: BTC-USD -0.4%, BITO -0.9%, BTF -0.7%, and XBTF -1.1%. A