Grayscale Investments, the world’s largest digital currency asset manager, has filed suit against the U.S. Securities and Exchange Commission (SEC) over the Securities and Exchange Commission’s decision to deny its application to convert the Grayscale Bitcoin Trust into a spot bitcoin-listed Fund (ETF) and filed suit against the securities regulator’s decision to deny its application to convert the Grayscale Bitcoin Trust into a spot bitcoin-listed ETF.
Grayscale sues the SEC in court
regarding its application for a spot bitcoin ETF.
Grayscale Investments filed a “Request for Review” Wednesday challenging the U.S. Securities and Exchange Commission’s (SEC) decision to deny the company’s application to convert the Grayscale Bitcoin Trust (GBTC) into a spot bitcoin exchange-traded fund (ETF) The company has filed.
Grayscale CEO Michael Sonnenshine tweeted shortly after the SEC rejected the company’s application:” We have filed a lawsuit against the SEC.”
Sonnenshine commented:” We are deeply disappointed and vehemently disagree with the SEC’s decision to continue to deny spot bitcoin ETFs from appearing on the US market.” He added:
We believe that American investors have overwhelmingly voiced their desire to convert GBTC into a spot bitcoin ETF, which would free up billions of dollars of investor capital while bringing the world’s largest bitcoin fund further into the US regulatory perimeter.
Grayscale senior legal strategist and former U.S. solicitor general Donald B. Verrilli Jr. details.
The SEC has not applied consistent treatment to similar investment vehicles and has acted arbitrarily and capriciously in violation of the Administrative Procedure Act and the Securities Exchange Act of 1934.
The attorney continued.” There is a compelling, common sense argument here and we look forward to a productive and expeditious resolution of this matter.”
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