Why Did the SEC Reject All Derivative-Backed Bitcoin ETFs?

On August 23, the U.S. Securities and Exchange Commission (SEC) rejected all of the pending derivative-backed Bitcoin exchange-traded funds (ETFs) filed by ProShares and Direxion. According to Jake Chervinsky, a government enforcement defense & securities litigation attorney for Kobre Kim LLP, the SEC disapproved all seven ETFs because of the risk of market manipulation and … Continued

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