Ruling in Grayscale-U.S. SEC lawsuit likely within a year - CEO

FILE PHOTO: A bitcoin representation is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/File Photo

(Reuters) -Grayscale Investments' lawsuit against the U.S. Securities and Exchange Commission for nixing the digital asset manager's proposal to create a spot bitcoin exchange-traded fund will likely be decided within a year, the company's chief executive officer said on Thursday.

The regulator ruled late Wednesday that the proposal did not meet standards designed to prevent fraudulent practices and protect investors. (https://bit.ly/3yw4Nko)