<p>The US Securities and Exchange Commission has shot down another spot bitcoin exchange-traded fund proposal, this time from First Trust and SkyBridge Capital.</p> <p>As previously reported, First Advisors and the Anthony Scaramucci-led SkyBridge Capital <a href="https://www.theblockcrypto.com/linked/98910/first-advisors-skybridge-bitcoin-etf" target="_blank" rel="noopener">joined the fray</a> in seeking approval for a spot bitcoin ETF in March 2021. </p> <p>Yet as was the case with VanEck's bitcoin ETF rejection in November, the SEC, <a href="https://www.sec.gov/rules/sro/nysearca/2022/34-94006.pdf" target="_blank" rel="noopener">in its latest statement</a>, honed in on fraud and manipulation prevention risks as well as investor protection. </p> <p>Indeed, this position has been the theme thus far across a series of rejections for the past crop of spot bitcoin ETF proposals. As explored in <a href="https://www.theblockcrypto.com/post/128866/a-look-back-at-the-biggest-bitcoin-etf-news-of-2021" target="_blank" rel="noopener">a 2021 wrap-up</a> of the bitcoin ETF race, The Block's Aislinn Keely noted that the conversation around such products broadened in past months. As well, the SEC allowed the entry of bitcoin futures-tied ETFs for the first time. </p>