Grayscale Investments, the world’s biggest computerized cash resource supervisor, has recorded a claim against the U.S. Protections and Exchange Commission (SEC) provoking the protections controller’s choice to dismiss its application to change the Grayscale Bitcoin Trust over completely to a spot bitcoin trade exchanged reserve (ETF).
Grayscale Takes SEC to Court Over Spot Bitcoin ETF Application
Grayscale Investments documented a “petition for review” Wednesday testing the choice by the U.S. Protections and Exchange Commission (SEC) to deny the organization’s application to change over the Grayscale Bitcoin Trust (GBTC) to a spot bitcoin trade exchanged reserve (ETF).
Michael Sonnenshein, Grayscale’s CEO, tweeted not long after the SEC dismissed his organization’s application: “We’ve filed a lawsuit against the SEC.”
Sonnenshein remarked: “We are deeply disappointed by and vehemently disagree with the SEC’s decision to continue to deny spot Bitcoin ETFs from coming to the U.S. market.” He added:
We accept American financial backers predominantly voiced a craving to see GBTC convert to a spot bitcoin ETF, which would open billions of dollars of financial backer capital while bringing the world’s biggest bitcoin store further into the U.S. administrative perimeter.
Donald B. Verrilli Jr., Grayscale’s senior lawful specialist and previous U.S. specialist general, detailed:
The SEC is neglecting to apply steady treatment to comparable speculation vehicles, and is in this way acting for arbitrary reasons and fancifully disregarding the Administrative Procedure Act and Securities Exchange Act of 1934.
The legal counselor proceeded: “There is a compelling, common-sense argument here, and we look forward to resolving this matter productively and expeditiously.”
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