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SEC rejects proposals for bitcoin exchange-trade funds

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The US Securities and Exchange Commission (SEC) has rejected applications for nine bitcoin-based exchange-traded funds (ETF) from three separate companies, according to a report in Reuters.

ETF provider Direxion proposed to list and trade five bitcoin ETFs, while GraniteShares and ProShare presented two each, all of which were rejected by the SEC.

Bitcoin BTC=BTSP was trading up 1.07 pct at $6422.99on Luxembourg-based Bitstamp exchange at 0058 GMT on Wednesday, reported Reuters.

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