The U.S. Securities and Exchange Commission (SEC) has turned down Kryptoin’s application for a spot bitcoin exchange-traded fund (ETF) Wednesday, according to crypto news outlet CoinDesk.

SEC Chair Gary Gensler has repeatedly voiced his support for bitcoin futures ETFs, but views spot ETFs to be too risky to investors.

The regulator had rejected VanEck’s proposal for a spot bitcoin ETF last month.

Two bitcoin futures ETFs, the ProShares Bitcoin Strategy ETF (BITO) and the Valkyrie Bitcoin Strategy ETF (BTF), launched in October.

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