Illustration: Rebecca Zisser / Axios
The U.S. Securities and Exchange Commission has rejected nine proposals for bitcoin-based exchange-traded funds in a trio of decisions issued on Thursday.
Why it matters: Despite the industry's hope that approving these proposals would help bring more institutional capital into the cryptocoin market, the commission doesn't believe the exchanges will be able to "prevent fraudulent and manipulative acts and practices."
- Alluding to Commissioner Hester Peirce's dissent to last month's decision to reject a proposal to list a different bitcoin-based ETF, the agency also said that its decisions were not motivated by a negative assessment of the overall bitcoin market.
Go deeper: SEC commissioners not in agreement over Bitcoin ETF; the three decisions from today
The story has been updated to include a third decision from the SEC.