Judges at the Washington Circuit Court of Appeals have grilled the Securities and Exchange Commission over its decision to reject a proposed Bitcoin exchange-traded fund, despite previously approving a similar product based on Bitcoin futures.
Grayscale Investments LLC plans to convert its $14 billion Bitcoin Trust, the largest investment vehicle tied to the #1 cryptocurrency, into an ETF. But the SEC rejected the plan in June, saying the crypto markets are too ripe for fraud and manipulation. Grayscale sued, asking the DC Circuit Court to overturn a decision the company called arbitrary and discriminatory because the SEC had already approved ETFs tracking Bitcoin futures.
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