bitcoin trusts application of Valkyrie and Kryptoin rejected by US regulators

The United States Securities and Exchange Commission (SEC) rejected the Bitcoin Trust products application of Valkyrie and Kryptoin.

Because of the increasing adoption of crypto, also demand crypto products to invest in digital assets increasing. Many firms are doing at their end to bring Bitcoin spot ETF products in the US, but the majority of them fail. 

An official note confirmed the rejection of the Bitcoin spot ETF application of Valkyrie and Krypto. See here. 

After the approval of the Bitcoin Futures ETFs product by the US SEC agency, many crypto proponents claimed that the SEC agency will easily approve the Bitcoin spot ETF applications because these are very less risky than the Bitcoin Futures ETF products. But in actuality, we can see that the SEC agency is not interested in approving any of the Bitcoin spot ETFs. 

Grayscale to SEC Agency on Bitcoin spot ETFs 

Around a month ago, the SEC agency rejected a similar kind of Bitcoin spot ETF application of VanEck. 

SEC agency noted that there are many factors, which are retarding the agency to not approve such spot ETF applications.

For these reasons, Grayscale fund manager firm wrote a letter to the Secretary of US SEC Agency to ask that why they are rejecting Bitcoin spot ETF application, while there are already Bitcoin futures ETF risky products live. 

Through the letter, Grayscale noted that the SEC agency considered two same things in different ways.  

Grayscale is popularly known as the best digital assets management company, which gives opportunities to people to invest in digital assets-based products. 

Grayscale aimed to change its Bitcoin trust product into Bitcoin spot ETFs, and for this Grayscale applied with the SEC agency. But now this is almost clear that the SEC Agency will not approve any of the Bitcoin spot ETF applications. 

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