Bitcoin ETF hits another snag, and approval won’t come ‘anytime soon,’ says researcher

The bitcoin ETF has gotten the boot. Again.The Securities and Exchange Commission declined to approve Bitwise Asset Management's long-awaited bitcoin-based exchange-traded fund again on Friday, adding to a yearslong series of rejections for hopeful cryptocurrency ETF issuers.The regulatory body cited the potential for fraud and manipulation as its main reason for the denial, rekindling concerns about the security of the cryptocurrency market as it relates to trading the underlying assets.Some, including Todd Rosenbluth, CFRA's senior director of ETF and mutual fund research, are worried this means another long leg in the bitcoin ETF's journey to approval."It's not the ETF product that's the concern. It's the underlying asset that the SEC is worried about from a fraud standpoint," he said Monday on CNBC's "ETF Edge." "They don't want to pull off that Band-Aid too quickly."That makes things particularly difficult for issuers such as Bitwise, whose global head of research appeared on…

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