SEC rejects spot bitcoin ETF filings for being 'inadequate', BTC price dips Bitcoin exchangetradedfund ETF
- The Securities and Exchange Commission is looking to get out ahead of the recent hype surrounding the possibility of a spot Bitcoin exchange-traded fund receiving approval anytime soon as the regulator has said that the recent filings are inadequate, according to people familiar with the matter.
For seasoned crypto investors, this development is nothing new, as the SEC has a long history of rejecting spot BTC ETFs going all the way back to 2017. The regulator has repeatedly said that these products were vulnerable to fraud and market manipulation and, therefore, would not grant them approval.
Grayscale took its objections to the next level by filing a lawsuit against the SEC in March. "If regulators are comfortable with ETFs that hold derivatives of a given asset, they should logically be comfortable with ETFs that hold that same asset," Grayscale said, referring to the SEC's approval of ETFs based on bitcoin futures.
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