Yesterday, the Securities and Exchange Commission (SEC) rejected nine different proposals for bitcoin-related exchange traded funds (ETFs) from ProShares, Direxion, and GraniteShares.
Notably, all three companies were denied for the same reason. The SEC said that the companies failed to prove that their ETFs would adhere to SEC requirements and were designed to prevent fraud.
Read more: https://www.cryptolook.io/cryptocurrency-news/updated-sec-rejects-etf-proposals-from-three-companies