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A move that could have allowed investors to trade in Bitcoin and other digital currencies as easily as shares in the U.S. has suffered a huge setback as the investment firm involved withdrew their application to list on an exchange.

A subsidiary of Grayscale Investments LLC withdrew their request with the U.S. Securities and Exchange Commission (SEC) to list its Bitcoin Investment Trust. If this request had gone on to be grangted, it would have ensured a hitch free access for investors to trade in digital currencies like they would bnormally do when dealing in stocks in the U.S..

"Although digital currency market regulation continues to rapidly evolve, at this time Grayscale does not believe there have been enough regulatory developments to prompt the SEC to approve the application," the fund's issuers said in a statement. 

Grayscale however said that they would continue their dialogue with regulators, but could not predict when they may get approved.