Regulatory Worries Galore, Market Hesitantly Heads Upwards
On Wednesday afternoon, the hearts of all crypto investors stopped, as the U.S. Securities and Exchange Commision announced that it would be denying nine Bitcoin-backed ETF proposals from ProShares, Direxion, and GraniteShares. While the nine ETFs were inherently dissimilar, with some offering leverage, shorting, and other unique features, the reasons for denial were near-identical across the SEC’s three documents regarding the verdict.
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