Grayscale Investments LLC’s bid to convert the world’s biggest crypto trust into exchange-traded funds.

On Wednesday, the US securities regulator rejected a proposal to list a spot bitcoin exchange-traded fund (ETF) by Grayscale, one of the world’s most prominent digital asset managers, on the NYSE Arca exchange.

The proposal to list the ETF did not meet the standard designed to prevent fraudulent and manipulative practices and protect investors and the public interest, the Securities and Exchange Commission (SEC) said in a filing. Grayscale proposed creating the ETF as a conversion of its Grayscale Bitcoin Trust. Intercontinental Exchange Inc owns NYSE Arca.

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The SEC said its disapproval did not rest on “an assessment of whether bitcoin or blockchain technology more generally, has utility or value as an innovation or an investment.”

The rejection ends Grayscale’s eight-month campaign for conversion and opens the door to potential legal action. Grayscale Chief Executive Officer Michael Sonnenshein said in March that “all options are on the table” should the SEC not allow the conversion, and the firm hired former US Solicitor General Donald Verrilli in June to be “prepared for all possible outcomes.”