Grayscale sues SEC after rejection of bid to turn the largest bitcoin fund into an ETF

The U.S. Securities and Exchange Commission cited a failure by Grayscale to answer questions about concerns around market manipulation.

The SEC on Wednesday rejected Grayscale's application to turn its GBTC vehicle into an ETF.

The SEC on Wednesday rejected Grayscale's application for a spot bitcoin exchange-traded fund, citing a failure by the investment manager to answer questions about concerns around market manipulation.Grayscale filed to make its Bitcoin Trust, known as GBTC, an ETF back in October 2021, but the ruling faced multiple delays., including by giving people a way of quickly emailing in to express their support.

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