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.
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