Aliens TLDR

The SEC has denied a number of proposed spot bitcoin ETFs in recent years, and in its decision Wednesday said Grayscale had not demonstrated that its proposal met standards to prevent fraud and “manipulative acts and practices.” “We are deeply disappointed by and do not agree with its decision,” Grayscale said in a statement, calling the SEC’s rulings “arbitrary and capricious.” Also read: Crypto exchange CoinFlex won’t lift withdrawal freeze yet, despite ‘significant progress’ in rescue token fundraising, CEO says “The SEC is failing to apply consistent treatment to bitcoin investment vehicles as evidenced by its denial of GBTC’s application for conversion to a spot ETF, but approval of several bitcoin futures ETFs,” Grayscale said.

Grayscale is one of the world’s largest managers of digital currencies, and ha d filed earlier this month to allow its nearly $20 billion Bitcoin Trust fund to be converted to an ETF that would be traded on the NYSE Arca exchange.