Grayscale defends itself against the SEC
Grayscale sues the SEC over the rejected Bitcoin spot ETF and says the ruling doesn't make sense.
Grayscale sues the SEC over the rejected Bitcoin Spot ETF and says the ruling doesn't make sense. Grayscale Investments defends itself against the requirements the SEC sets for approving a Bitcoin Spot ETF. This was reported by Reuters, citing a recently published court filing.
The Securities and Exchange Commission (SEC) had the bid to turn Grayscale Bitcoin Trust (GBTC.PK) into an ETF rejected in the summer.
The U.S. Securities and Exchange Commission said at the time that the proposal did not meet "standards to prevent fraudulent practices and protect investors." Grayscale then sued the SEC.
The decision was "arbitrary, capricious and discriminatory," according to the now-filed document. While several issuers have filed various requests for Bitcoin spot ETFs to date, the SEC has not approved any of them.
"The Commission handles spot Bitcoin ETFs with unusual rigidity based on its view of Bitcoin relative to other types of investments," Grayscale accuses the agency led by Gary Gensler. Meanwhile, the case against the financial firm isn't the only one the SEC is wrestling with.
