The proposed listing of the ETF does not meet standards designed to prevent fraud, manipulation as well as failing to protect investors and public interest, the U.S. Securities and Exchange Commission (SEC) said in a filing on June 30th.
In response, Grayscale said it has filed a lawsuit against the regulator and will argue that the SEC violated the Administrative Procedure Act and Securities Exchange Act.
The SEC has rejected more than a dozen proposals for spot bitcoin ETFs over the past year, focusing on the lack of a supervisory sharing agreement with a regulated market of significant size associated with the underlying assets.
The price of bitcoin, the largest digital currency has fallen about 70 % from a high of about $69,000 in November, 2021.
Other digital currency and digital-currency-related stocks have plunged in recent months as investors sell off higher risk assets in response to high inflation and policy tightening by major central banks.
Issuers of spot bitcoin ETFs that have been rejected by the SEC in recent months included Fidelity, SkyBridge Capital and Valkyrie, all of which have tried to provide easy access to the digital currency.
Aussie Brief News
Go to First Page and Get the Latest News.
You may also like
-
TikTok uses “Project Texas” to fool Americans twice
-
Select Committee urged to terminate the US-China Tech agreement. The CCP military units are surrounding the U.S.
-
America Borrowed over 800 Billion from CCP and Sent Billions Back to China
-
A BlackRock Recruiter Admitted Senators are Cheap. NFSC revealed the Main Purpose of AIIB and BRICS. II
-
A BlackRock Recruiter Admitted Senators are Cheap. NFSC revealed the Main Purpose of AIIB and BRICS. I