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The U.S. SEC denies Grayscale's request for a spot bitcoin ETF

Haiden Holmes

Jun 30, 2022 11:11

The U.S. Securities and Platform Commission said in a filing on Wednesday that it denied Grayscale's request to launch a spot bitcoin market-traded fund on Intercontinental Exchange Inc NYSE Arca exchange. Grayscale is one of the biggest digital asset managers in the world.

Grayscale did not immediately respond to a request for comment.

Over the last year, the SEC has rejected over a dozen applications for spot bitcoin ETFs, focused particularly on the lack of surveillance-sharing agreements with a large, regulated market for the underlying assets.

The price of bitcoin, the most popular digital currency, has plummeted by around 70 percent from its November high of over $69,000.