Grayscale sues SEC after its bid for a spot bitcoin ETF is rejected
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Grayscale Investments sues the U.S. Securities and Exchange Commission. Regulator rejected its bid to list the first spot bitcoin exchange-traded fund. The SEC has denied a number of proposed spot bitcoin ETFs in recent years. The move would be seen as a major milestone for wider crypto adoption, and potentially increase liquidity for the broader crypto market.Grayscale is one of the world’s largest managers of digital currencies, and had 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. It filed a lawsuit with the US Court of Appeals in Washington, D.C. to review the regulator's order. Source