Nine Bitcoin-based exchange-traded fund (ETF) applications got the thumbs down from the Securities and Exchange Commission on Wednesday, preventing the digital currency from gaining more acceptance from investors who are wary of the unregulated exchanges of cryptocurrencies. The SEC’s Division of Trading and Markets rejected applications from investment firms ProShares, Direxion and GraniteShares.

In an attempt to fall under the governmental regulation of the SEC, the cryptocurrency industry has been unable to bring this into fruition, starting with the Winklevoss Capital Management founders Cameron and Tyler Winklevoss, which was rejected twice.

The SEC stated, “Among other things, the Exchange has offered no record evidence to demonstrate that bitcoin futures markets are ‘markets of significant size.’ That failure is critical because, as explained below, the Exchange has failed to establish that other means to prevent fraudulent and manipulative acts and practices will be sufficient, and therefore surveillance-sharing with a regulated market of significant size related to bitcoin is necessary.”

Related: Bitcoin Bounce Ignites Talk of Another Comeback

SEC Rejects More Applications for Bitcoin ETFs

As of now, Bitcoin bulls are hoping to see the digital currency break out its current $6,000 support levels after it dipped slightly below the $6,000 mark in recent days, but has risen slightly over 6% since. Bitcoin’s current price stands at $6,463.39 as of 11:50 a.m. ET–down 2.19% the past 24 hours.

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