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U.S. SEC Rejects Grayscale Bitcoin Spot ETF Application

Summary by Ground News
Grayscale Investments has announced a legal challenge to the latest rejection of its application to convert the Grayscale Bitcoin Trust (GBTC) into a spot-based Bitcoin exchange-traded fund (ETF) The Securities and Exchange Commission rejected the application on June 29 citing the proposal failed to demonstrate how it is designed to prevent fraudulent and manipulative acts and practices. A similar decision was also made on Wednesday regarding Bitwise’s Bitcoin exchange -traded product (ETP)

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Cointelegraph broke the news in on Thursday, June 30, 2022.
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