Grayscale assets, the planet’s largest digital currency asset supervisor, has filed case against the U.S. Securities and Exchange Commission (SEC) challenging the securities regulator’s decision to reject its application to transform the Grayscale Bitcoin Trust up to a spot bitcoin exchange-traded investment (ETF).
Grayscale Takes SEC to Court Over Spot Bitcoin ETF Application
Grayscale Investments filed a “petition for review” Wednesday challenging the decision by the U.S. Securities and Exchange Commission (SEC) to deny the business’s application to convert the Grayscale Bitcoin Trust (GBTC) up to a spot bitcoin exchange-traded fund (ETF).
Michael Sonnenshein, Grayscale’s CEO, tweeted immediately after the SEC rejected his company’s application: “We’ve filed case against the SEC.”
Sonnenshein commented: “We are deeply disappointed by and vehemently disagree with the SEC’s decision to carry on to deny spot Bitcoin ETFs from arriving at the U.S. market.” He included:
We think American investors overwhelmingly voiced a aspire to see GBTC convert up to a spot bitcoin ETF, which will unlock huge amounts of dollars of investor money while bringing the planet’s biggest bitcoin investment further to the U.S. regulatory perimeter.
Donald B. Verrilli Jr., Grayscale’s senior legal strategist and former U.S. solicitor general, detail by detail:
The SEC is failing woefully to apply consistent therapy to comparable investment automobiles, and it is consequently acting arbitrarily and capriciously in breach for the Administrative Procedure Act and Securities Exchange Act of 1934.
The attorney continued: “There actually compelling, common-sense argument here, and now we look forward to resolving this matter productively and expeditiously.”
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