The US Securities and Exchange Commission (SEC) has consistently rejected applications for a spot Bitcoin Exchange Traded Fund (ETF) due to concerns about market manipulation and liquidity. The SEC requires a "surveillance-sharing agreement" with a regulated market of considerable scale for a Bitcoin trust sponsor to be approved.

However, the SEC has approved both long and short exposure Bitcoin futures ETFs, which rely on market surveillance arrangements with the Chicago Mercantile Exchange (CME). The lack of regulatory oversight for US spot Crypto exchanges may continue to impede US spot Bitcoin ETF approvals. Despite government efforts to enhance regulatory oversight, the underlying revolutionary essence of Bitcoin and cryptocurrencies remains resilient.