Grayscale Investments blamed the U.S. Securities and Exchange Commission, which has rejected more than a dozen applications to list spot bitcoin (BTC-USD) exchange-traded funds, for setting a high a standard for such products, Reuters report Wednesday, citing a court filing.Towards the end of June, Grayscale sued the SEC after its spot bitcoin (BTC-USD) ETF proposal was denied. The agency felt that its product failed to meet requirements designed to prevent fraudulent acts and protect investors.Unlike bitcoin (BTC-USD) futures-based ETFs, several of which the SEC has approved, spot BTC ETFs invest directly in bitcoin at its spot price, so buyers would be holding the actual token within the fund. The SEC rejected WisomTree's (WETF) application for a spot BTC ETF for the second time earlier this week.But Grayscale argued that both of those funds should be evenly regulated by the SEC since they're ultimately tied to the price of bitcoin (BTC-USD).Previously, (June 30) Grayscale CEO: SEC being "arbitrary" and "capricious" by denying spot bitcoin ETFs.
