9621 Agnes Crossing, Lake Suzanneview, New Mexico Island 84604-9295.
Grayscale Investments has filed a lawsuit against the US Securities and Exchange Commission (SEC) after the regulator rejected an application to convert the GBTC trust into a bitcoin
Grayscale Investments has filed a lawsuit against the US Securities and Exchange Commission (SEC) after the regulator rejected an application to convert the GBTC trust into a bitcoin ETF.
We filed a lawsuit with the YSK. $GBTC
— Sonnenshein (@sonnenshein) 30 June 2022
The regulator justified the decision by failing to comply with the “prevention of fraudulent and manipulative acts” requirements. […]and to protect investors and public interests.”
The company had previously pointed out that the SEC’s willingness to approve futures-based bitcoin ETFs while rejecting orders based on the spot variant could violate administrative procedures law.
“Bitcoin Futures”ETP in accordance with the law [об инвестиционных компаниях] The 1940 and Bitcoin Spot ETPs, which do not require such registration, are similar in all respects. However, relying on the refusal order [заявки от VanEck] dated 12 November 2021, the Commission interprets them differently”letter specified.
If the SEC has not seen market manipulation in the futures market, it can be concluded that the spot market satisfies this criterion as well.
We are deeply disappointed and strongly disagree with the SEC’s decision to continue to ban spot Bitcoin ETFs from entering the US market.”In a press release after the SEC decision, Grayscale said:
The firm’s CEO, Michael Sonnenschein, promised that “the company will use all its resources to protect the interests of investors and to regulate their investment vehicles fairly in the initial cryptocurrency.”
For the first time, the head of the company allowed such an opportunity in March 2022.
Grayscale emphasized during the SEC review that the conversion of GBTC to ETF was supported by 99.9% of those who left one of the 11,400 comments.
Recall that the SEC has yet to approve a single application for the launch of a spot bitcoin ETF.
Grayscale Investments filed an application to convert a digital gold-backed trust into a spot Bitcoin ETF on October 19, 2021.
On December 17, the SEC delayed its decision on the implementation of Grayscale Investments. In February, the Commission took this step again.
Earlier, the GBTC discount exceeded 34%.
Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
