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On August 22, the US SEC disapproved rule changes requested by two exchanges – NYSE Arca and Cboe BZX – that would have allowed them to trade shares of various exchange-traded funds (ETFs) that go long and short bitcoin futures. Excitement had been growing in the crypto world that the arrival of such ETFs would herald a new era of widespread investment in cryptocurrencies, given the patina of respectability that comes with trading on regulated exchanges.
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