The SEC has reaffirmed its anti-crypto stance by rejecting a highly-anticipated exchange-traded fund from the world’s largest digital asset manager.
On June 29, the U.S. securities regulator rejected the proposal by Grayscale to list a spot Bitcoin exchange-traded fund on the NYSE Arca exchange.
According to the SEC, the proposal did not meet standards designed to prevent fraudulent and manipulative market practices. Itthat the rejection was not based on an “assessment of whether Bitcoin or blockchain technology more generally, has utility or value as an innovation or an investment.” The Commission identified and listed possible sources of fraud and manipulation in the spot Bitcoin market. Among them were wash trading, whale manipulation, exchange and network hacking, dissemination of misleading information, and remarkably “manipulative activity involving purported “stablecoins,” including Tether.”argues that the SEC has violated the Administrative Procedure Act and Securities Exchange Act.
In a statement regarding the action, Grayscale questioned why regulators are comfortable with ETFs that hold derivatives of a given asset, but they are not comfortable with funds that hold that same asset.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Grayscale files suit against SEC following rejection of GBTC conversion bidCrypto asset management firm Grayscale Investments has filed a lawsuit against the Securities and Exchange Commission, the United States regulator.
Read more »
Grayscale Sues SEC Over Bitcoin ETF Application RejectionJUST IN: Grayscale has sued the SECNews for rejecting its bitcoin ETF conversion application, arguing that it's treating spot and futures-based bitcoin ETF applications differently. nikhileshde reports
Read more »
Grayscale sues SEC after rejection of bid to turn the largest bitcoin fund into an ETFThe U.S. Securities and Exchange Commission cited a failure by Grayscale to answer questions about concerns around market manipulation.
Read more »
Grayscale sues SEC after its bid for a spot bitcoin ETF is rejectedGrayscale Investments sued the SEC on Wednesday, shortly after the regulator rejected its bid to list the first spot bitcoin ETF, and called the SEC’s rulings “arbitrary and capricious.'
Read more »
SEC Rejects Grayscale’s Spot Bitcoin ETF ApplicationBREAKING: The SECNews has rejected Grayscale’s application to convert the massive Grayscale Bitcoin Trust into an ETF. mikeybellusci reports
Read more »
U.S. SEC rejects Grayscale's spot bitcoin ETFThe U.S. Securities and Exchange Commission on Wednesday rejected a proposal to list a spot bitcoin exchange-traded fund (ETF) by Grayscale, one of the world's biggest digital asset managers, on Intercontinental Exchange Inc's NYSE Arca exchange.
Read more »