Cryptocurrencies
SEC Quashes More Bitcoin ETF Pitches in Another Blow to Crypto
- ProShares, GraniteShares and Direxion proposals rejected
- Failed to show how exchanges would prevent ‘manipulative’ acts
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The U.S. Securities and Exchange Commission rejected another round of attempts to list exchange-traded funds backed by Bitcoin, blocking ETFs from ProShares, GraniteShares and Direxion on concern prices could be vulnerable to manipulation.
In a trio of orders posted on the agency’s website Wednesday, the commission said proposals to allow the funds failed to show how exchanges seeking to list the products would “prevent fraudulent and manipulative acts and practices.”