Another day, another bitcoin-related exchange-traded fund request pulled: Reality Shares ETF Trusts withdrew its ETF application Wednesday at the request of the U.S. Securities and Exchange Commission.

The Reality Shares Blockforce Global Currency Strategy ETF differed from previous bitcoin-related ETF applications in that it didn’t trade directly in bitcoin. Instead, it had allocations in CME Group and Cboe Global Markets bitcoin futures as well as traditional debt products denominated in various fiat currencies. An ETF is a tradable security that tracks an index, a commodity, bonds or a basket of assets such as an index fund.

In an unprecedented move, the application was withdrawn after only a few days after Reality Shares lodged the application with the SEC on Feb. 11. The grounds given for the withdraw also differed, with the SEC citing concern about the securities law the application was made under.

“I can confirm that we did withdraw it and it was withdrawn because the staff are still taking the position that it’s not appropriate to file a registered 40 Act fund with cryptocurrency exposure at this time,” the spokesperson for Reality Shares told CoinDesk.

The application was made under the Investment Company Act of 1940, which would have resulted in the proposal becoming automatically approved within 75 days, something the SEC believes is inappropriate for a cryptocurrency-related ETF. Although the withdrawal differed in its form, the stance by the SEC against bitcoin-related ETFs has not wavered.

On Jan. 23 Cboe withdrew a longstanding application for a rule change that would have allowed it to list a bitcoin ETF. Meanwhile, applications for the Direxion Shares ETF Trust, Exchange Listed Funds Trust and ProShares Trust were pulled Jan. 9 after advice from the SEC as well.

In all cases, the SEC has expressed concerns regarding the liquidity and valuation of the underlying instruments in which the funds intend to primarily invest — that is, the availability and price of bitcoin.

Criticism of the SEC’s recalcitrant stance against bitcoin-related ETFs has come from an unexpected corner: the U.S. Commodity Futures Trading Commission. In a panel discussion Tuesday, CFTC Commissioner Brian Quintenz argued that potential price manipulation should not be a barrier to the SEC approving a Bitcoin ETF.

According to Coin Telegraph, Quintenz also drew a parallel between the SEC’s stance and that of his own agency, noting that the CFTC’s “jurisdiction over […] [Bitcoin futures] contracts requires that they not be readily susceptible to manipulation.”

The price of bitcoin was unaffected by the news. While down slightly since a high Feb. 7, bitcoin was trading at $3,567.90 as of 10 p.m. EST, down from $3,596.11 at the same time Feb. 10.

Image: 160866001@N07/Flickr