"Based on the record before it, the Commission believes that the significant markets for bitcoin are unregulated. Therefore, as the Exchange has not entered into, and would currently be unable to enter into, the type of surveillance-sharing agreement that has been in place with respect to all previously approved commodity-trust ETPs—agreements that help address concerns about the potential for fraudulent or manipulative acts and practices in this market—the Commission does not find the proposed rule change to be consistent with the Exchange Act."
As I suspected, it's because of the wider Bitcoin market. China did their best but it wasn't enough. None of the other applications will get past this either.
It is funny on two grounds:
1. "
potential for fraudulent or manipulative acts and practices in this market" because that never ever happens on the Wall Street...
2. A regulatory institute denies to regulate an new commodity market on the ground that this market is not regulated. LOL.
By that logic, there will never be a bitcoin ETF, since there is no "official" bitcoin issuer to regulate.
