Grayscale Investments’ application to convert its $13.5 billion Grayscale Bitcoin Trust (GBTC) into a spot-based bitcoin ETF was denied by the SEC on Wednesday despite the company’s extensive efforts to win approval (Grayscale is owned by Digital Currency Group, which is also the parent company of CoinDesk).
The SEC stated in its filing that the application failed to answer the SEC’s questions about preventing market manipulation, as well as other concerns.
‘Enforcement 40’ for 2020
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