SEC Says No to Bitcoin ETF Applications

The US SEC had reportedly rejected this week 9 Bitcoin ETF applications including those filed by GraniteShares, one from ProShares that would track bitcoin futures contracts, and another five leveraged and inverse ETFs from Direxion.

The SEC maintained its concern about fraud and manipulation in bitcoin markets, but said that the  disapproval is not dependent on an evaluation of whether bitcoin or blockchain technology has value as an innovation or investment.

It was noted that the agency still has to deal with a few other ETF applications, including one from Bitwise that would track a basket of cryptocurrencies, and the VanEck SolidX Bitcoin Trust.

Source: CNBC

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