{"id":246067,"date":"2022-06-30T14:30:14","date_gmt":"2022-06-30T13:30:14","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=246067"},"modified":"2023-06-30T22:34:06","modified_gmt":"2023-06-30T21:34:06","slug":"bitcoin-crashes-under-20k-as-sec-rejects-grayscale-spot-etf-application","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-crashes-under-20k-as-sec-rejects-grayscale-spot-etf-application\/","title":{"rendered":"Bitcoin crashes under $20K as SEC rejects Grayscale spot ETF application"},"content":{"rendered":"<p>Bitcoin (<a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">BTC<\/a>)\u00a0fell below $20,000 after the SEC rejected Grayscale's application to turn its Bitcoin trust into a spot Bitcoin ETF.<\/p>\n<p>BTC was trading at $18,934 at its lowest following the news but has since marked a small recovery and was trading at $19,047 as of press time, according to\u00a0<em>CryptoSlate\u00a0<\/em>data.<\/p>\n<figure id=\"attachment_246071\" aria-describedby=\"caption-attachment-246071\" style=\"width: 2485px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-246071\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/06\/4EAD1DAC-8593-4D62-A8CE-696B8A848763.jpeg\" alt=\"\" width=\"2485\" height=\"1059\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/06\/4EAD1DAC-8593-4D62-A8CE-696B8A848763.jpeg 2485w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/06\/4EAD1DAC-8593-4D62-A8CE-696B8A848763-300x128.jpeg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/06\/4EAD1DAC-8593-4D62-A8CE-696B8A848763-1024x436.jpeg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/06\/4EAD1DAC-8593-4D62-A8CE-696B8A848763-768x327.jpeg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/06\/4EAD1DAC-8593-4D62-A8CE-696B8A848763-1536x655.jpeg 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/06\/4EAD1DAC-8593-4D62-A8CE-696B8A848763-2048x873.jpeg 2048w\" sizes=\"(max-width: 2485px) 100vw, 2485px\" \/><figcaption id=\"caption-attachment-246071\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<h2>SEC rejects Grayscale and Bitwise application<\/h2>\n<p>Per available information, the commission also rejected the <a href=\"https:\/\/cryptoslate.com\/companies\/bitwise\/\">Bitwise<\/a> application, continuing its culture of rejecting spot Bitcoin applications. Both Grayscale and Bitwise filed their application in October 2021.<\/p>\n<p>The SEC rejection of Grayscale's ETF was despite the effort of the firm to <a href=\"https:\/\/cryptoslate.com\/grayscale-appeals-for-community-support-with-sec-spot-bitcoin-etf-application\/\">generate<\/a> public support for its application.<\/p>\n<p>In its <a href=\"https:\/\/docdro.id\/73OjnW4\"><span class=\"s4\">filing<\/span><\/a>, the SEC said it rejected the proposal because it did not meet the standards to protect investors and public interest and prevent fraudulent and manipulative practices.<\/p>\n<p>It also added concerns about the absence of a surveillance sharing agreement between a &#8220;regulated market of significant size&#8221; and a regulated exchange and the role of Tether in the Bitcoin ecosystem.<\/p>\n<p>This is not the first time the SEC is rejecting a spot Bitcoin ETF application because of the above reasons.<\/p>\n<p>The\u00a0SEC has rejected spot Bitcoin ETF applications from <a href=\"https:\/\/cryptoslate.com\/companies\/fidelity-investments\/\">Fidelity<\/a>, Valkyrie, and SkyBridge. However, the commission has been more open to approving Bitcoin futures ETF and approved two this year.<\/p>\n<h2>Grayscale sues SEC<\/h2>\n<p>Grayscale has made true of its words to sue the commission if it rejects its ETF application.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We\u2019ve filed a lawsuit against the SEC. <a href=\"https:\/\/twitter.com\/search?q=%24GBTC&src=ctag&ref_src=twsrc%5Etfw\">$GBTC<\/a><\/p>\n<p>&mdash; Sonnenshein (@Sonnenshein) <a href=\"https:\/\/twitter.com\/Sonnenshein\/status\/1542311510055292928?ref_src=twsrc%5Etfw\">June 30, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The firm has sued the SEC and asked for a review of the commission's decision by the US Court of Appeals for the District of Columbia Circuit.<\/p>\n<p>The investment firm would likely <a href=\"https:\/\/cryptoslate.com\/grayscale-the-sec-must-get-comfortable-with-spot-bitcoin-etf\/\">argue<\/a> that since the SEC has approved similar products in the past, it must approve the application.<\/p>\n<p>Grayscale CEO Michael Sonnenshein said in a <a href=\"https:\/\/www.globenewswire.com\/news-release\/2022\/06\/30\/2471737\/0\/en\/Grayscale-Investments-Initiates-Lawsuit-Against-the-SEC.html\"><span class=\"s4\">statement<\/span><\/a>:<\/p>\n<blockquote><p>Grayscale supports and believes in the SEC\u2019s mandate to protect investors, maintain fair, orderly, and efficient markets and facilitate capital formation \u2013 and we are deeply disappointed by and vehemently disagree with the SEC\u2019s decision to continue to deny spot Bitcoin ETFs from coming to the US market.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC)\u00a0fell below $20,000 after the SEC rejected Grayscale&#8217;s application to turn its Bitcoin trust into a spot Bitcoin ETF. BTC was trading at $18,934 at its lowest following the news but has since marked a small recovery and was trading at $19,047 as of press time, according to\u00a0CryptoSlate\u00a0data. SEC rejects Grayscale and Bitwise application [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":246153,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[78665,11],"tags":[76695,77156,76686,74981],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin crashes under $20K as SEC rejects Grayscale spot ETF application<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission (SEC) has rejected Grayscale and Bitwise Bitcoin spot ETF applications.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-crashes-under-20k-as-sec-rejects-grayscale-spot-etf-application\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin crashes under $20K as SEC rejects Grayscale spot ETF application\" \/>\n<meta property=\"og:description\" content=\"The Securities and Exchange Commission (SEC) has rejected Grayscale and Bitwise Bitcoin spot ETF applications.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoin-crashes-under-20k-as-sec-rejects-grayscale-spot-etf-application\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-30T13:30:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-30T21:34:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/06\/image_2022-06-30_172248903.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-crashes-under-20k-as-sec-rejects-grayscale-spot-etf-application\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-crashes-under-20k-as-sec-rejects-grayscale-spot-etf-application\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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