Grayscale Files Lawsuit Against SEC Over Spot Bitcoin ETF Rejection

Grayscale Investments, the world’s largest integer currency plus manager, has filed a suit against the U.S. Securities and Exchange Commission (SEC) challenging the securities regulator’s determination to cull its exertion to person the Grayscale Bitcoin Trust to a spot bitcoin exchange-traded money (ETF).

Grayscale Takes SEC to Court Over Spot Bitcoin ETF Application

Grayscale Investments filed a “petition for review” Wednesday challenging the determination by the U.S. Securities and Exchange Commission (SEC) to contradict the company’s exertion to person the Grayscale Bitcoin Trust (GBTC) to a spot bitcoin exchange-traded money (ETF).

Michael Sonnenshein, Grayscale’s CEO, tweeted soon aft the SEC rejected his company’s application: “We’ve filed a suit against the SEC.”

Sonnenshein commented: “We are profoundly disappointed by and vehemently disagree with the SEC’s determination to proceed to contradict spot Bitcoin ETFs from coming to the U.S. market.” He added:

We judge American investors overwhelmingly voiced a tendency to spot GBTC person to a spot bitcoin ETF, which would unlock billions of dollars of capitalist superior portion bringing the world’s largest bitcoin money further into the U.S. regulatory perimeter.

Donald B. Verrilli Jr., Grayscale’s elder ineligible strategist and erstwhile U.S. solicitor general, detailed:

The SEC is failing to use accordant attraction to akin concern vehicles, and is truthful acting arbitrarily and capriciously successful usurpation of the Administrative Procedure Act and Securities Exchange Act of 1934.

The lawyer continued: “There is simply a compelling, common-sense statement here, and we look guardant to resolving this substance productively and expeditiously.”

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