The SEC rejected bitcoin spot ETFs again. Now what?

As governments worldwide continue to eye the crypto industry, some digital asset managers are pushing back against regulators in an effort to provide more legal investing opportunities.
The U.S. Securities and Exchange Commission on Wednesday rejected Grayscale Investments’ application to convert its bitcoin trust (GBTC) into an exchange-traded fund (ETF). Shortly thereafter, the firm — one of the largest digital asset managers, with around $20 billion in assets under management — filed a lawsuit against the SEC.
The SEC also denied Bitwise Asset Management’s application for a spot bitcoin ETF

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