The Securities and Exchange Commission (SEC) has denied Grayscale’s proposal to convert its flagship product into a spot-bitcoin exchange-traded fund (ETF).
The securities regulator issued a rejection order for the conversion of Grayscale’s Bitcoin Trust (GBTC) today after repeated extensions on the application. The SEC has yet to allow a spot-bitcoin ETF to list, though it’s green-lit multiple futures-based products.
‘Enforcement 40’ for 2020
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