(Bloomberg) -- A U.S. regulator rejected yet another proposal for an ETF that would directly hold Bitcoin, adding to the fast-growing pile of denials and dimming hopes of the sought-after product getting cleared anytime soon.

The U.S. Securities and Exchange Commission, in a Thursday filing, rejected the proposal from the Cboe BZX Exchange Inc. to list and trade shares of Fidelity’s Wise Origin Bitcoin Trust. Several investment fund providers have tried to launch the first spot Bitcoin ETF since the SEC permitted futures-backed Bitcoin ETFs in October, but none have succeeded. 

The latest is the sixth rejection since November when VanEck’s spot Bitcoin ETF was denied. Attempts by WisdomTree, Kryptoin, Valkyrie, and Anthony Scaramucci’s SkyBridge Capital have also failed. 

“While we are disappointed by the outcome of the SEC’s deliberations resulting in today’s disapproval order, we reaffirm our belief in market readiness for a physical Bitcoin exchange-traded product and look forward to continued constructive dialogue with the SEC,” Fidelity said in a statement.

In its latest filing, the SEC said Fidelity’s spot Bitcoin ETF proposal didn’t meet standards to prevent fraud and manipulation and to protect investors -- the same argument it’s made in its prior decisions. The regulator is set to consider a proposal from Bitcoin servicer NYDIG next, with a decision by March 16. 

Hester Peirce, currently the only Republican commissioner at the SEC, said at an event Thursday that she thinks the regulator should have green lit a spot Bitcoin ETF a long time ago. She said the repeated rejections are frustrating, especially given how popular the products have been in other countries. 

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