Grayscale Takes on SEC After Rejection of Bitcoin ETF
Join Our Telegram channel to stay up to date on breaking news coverage The court filing by Grayscale, which was made public on Tuesday, claims that the SEC’s justification for rejecting Grayscale’s request to convert the Grayscale Bitcoin Trust into a spot bitcoin ETF is “flawed” and “inconsistently applied.” The largest cryptocurrency asset manager, Grayscale Investments LLC, said earlier this year that the US Securities and Exchange Commission acted arbitrarily when it denied a request to turn its $12 billion spot Bitcoin trust into an exchange-traded fund. Grayscale claimed in the opening brief of its complaint against the regulator on Tuesday, October 11, that the denial based on the potential for fraud and trickery in the spot Bitcoin market is “arbitrary” and “discriminatory” because of SEC has approved futures-based Bitcoin ETFs, which are subject to the equal concerns. “ That stark arbitrariness canno...