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UPDATE 1-U.S. SEC rejects Fidelity's Wise Origin spot bitcoin ETF

(Adds details on SEC action)

Jan 26 (Reuters) - The U.S. Securities and Exchange Commission on Thursday rejected a proposal to offer offer spot bitcoin exchange-traded funds (ETF) from Fidelity’s Wise Origin Bitcoin Trust.

The proposal did not meet the standards designed to prevent fraudulent and manipulative practices and protect investors and the public interest, the regulator said.

The action is the latest in a series of rejections by the market regulator to approve an ETF that tracks the underlying digital asset, including one from SkyBridge last week. here

The first bitcoin futures ETF was approved in October, sending the volatile bitcoin to an all-time high and raising hopes that a spot bitcoin ETF would soon be approved.

The proposal to list Fidelity’s Wise Origin Bitcoin Trust ETF was first filed by Cboe BZX Exchange Inc in March last year.

Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur

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