Bitwise Asset Management has withdrawn its application with the Securities and Exchange Commission (SEC) for its proposed bitcoin exchange-traded fund (ETF).

The firm requested the withdrawal in a filing posted with the SEC on Tuesday.

While the news may disappoint those in the investment community keen to see the first ever bitcoin ETF in the U.S., the news is unsurprising. The proposal has already been rejected by the SEC in October, although the regulator said soon after that it was reviewing the rejection.

The proposal, filed in conjunction with NYSE Arca, did not meet legal requirements to prevent market manipulation or other illicit activities, the commission said in its rejection announcement.

CoinDesk has reached out to Bitwise for more information on the reasons for ETF withdrawal.

However, it is likely that the proposal will be revised after discussion with the SEC and refiled going forward.

With this action, Bitwise leaves just one bitcoin ETF proposal before the SEC.

The bitcoin and U.S. Treasury bond ETF planned by Wilshire Phoenix is still under review and is expected to be ruled on by the SEC by Feb. 26. The firm has previously told CoinDesk that its ETF has been built with mechanisms to address the SEC’s concerns over ETFs based on digital assets, and hopes it will see approval.

The SEC has so far rejected at least a dozen bitcoin ETFs.

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