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US SEC rejects Grayscale's spot bitcoin ETF

US SEC rejects Grayscale's spot bitcoin ETF

The SEC has rejected more than a dozen proposals for spot bitcoin ETFs over the past year.

Reuters
  • Updated Jun 30, 2022 7:43 AM IST
US SEC rejects Grayscale's spot bitcoin ETFThe price of bitcoin, the largest digital currency, is down about 70% from its high of around $69,000 in November.

The US Securities and Exchange Commission on Wednesday said in a filing that it rejected a proposal to list a spot bitcoin exchange-traded fund by Grayscale, one of the world's biggest digital asset managers, on Intercontinental Exchange Inc's NYSE Arca exchange.

Grayscale did not respond immediately to a request for comment.

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The SEC has rejected more than a dozen proposals for spot bitcoin ETFs over the past year, with much of its focus on the lack of any surveillance-sharing agreements with a regulated market of significant size relating to the underlying assets.

The price of bitcoin, the largest digital currency, is down about 70% from its high of around $69,000 in November.

Published on: Jun 30, 2022 7:43 AM IST
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