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Grayscale

Grayscale Investments Sues SEC Over Bitcoin ETF Denial

Alizeh Ilyas
by Alizeh Ilyas
3 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In response to the U.S. Securities and Exchange Commission’s denial of a request to convert its Bitcoin trust into an exchange-traded fund, Grayscale Investments, the largest manager of digital currency assets globally, has filed a lawsuit against the SEC. 

Michael Sonnenshein, CEO at Grayscale Investments, tweeted on June 29 :

Grayscale Investments Initiates Lawsuit Against the SEC.

Related Reading | 3 Lessons From The Oslo Freedom Forum: Why BTC? Nabourema, Likhachevskiy, Diop

Concerning cryptocurrency asset management and investment, Grayscale Investment is a reputable source. The company offers market analysis and investment exposure to the emerging asset class for digital currencies. 

However, in October 2021, Grayscale submitted a request to the SEC to declare its Grayscale Bitcoin Trust to spot-based bitcoin ETF.

BTC
Bitcoin’s price is currently trading at $19,171 only daily chart | BTC/USD chart from TradingView.com

The Securities and Exchange Commission (SEC) has continuously refused to allow a spot bitcoin ETF to be created. This would have allowed regular investors to buy into digital assets in a way that is similar to stocks. This would have been a significant step towards the mainstream adoption of digital assets, but the SEC voted against it.

Unfortunately, the SEC rejected Grayscale’s request to convert a Bitcoin trust earlier on June 29. The regulator turned down the spot bitcoin ETF proposals because of worries about market manipulation. As a result, the eight-month conversion drive by Grayscale has been rejected, which results in legal action.

Grayscale promptly petitioned the U.S. Court of Appeals for the District of Columbia Circuit on June 29 to examine the SEC’s denial and challenge the ruling.

Grayscale Suing SEC

Michael highlighted his concerns and discouragement regarding the SEC:

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 believes American investors will strongly express the desire to convert GBTC to a spot Bitcoin ETF during the ETF application review process. It would allow billions of dollars in investor funds to flow while bringing the biggest Bitcoin fund in the world closer to the regulatory boundaries of the United States.

Moreover, in order to support their investors and the fair regulatory treatment of Bitcoin investment vehicles, he claimed that the company would continue to use all of its resources.

Donald B. Verrilli, Jr., Senior Legal Strategist at Grayscale, believes that the SEC is violating the Administrative Procedure Act and Securities Exchange Act of 1934 by operating “arbitrarily and capriciously.” This includes neglecting to treat identical investment vehicles consistently.

He claims that:

There is a compelling, common-sense argument here, and we look forward to resolving this matter productively and expeditiously.

Related Reading | Indian Crypto Companies Migrate Amidst Unclear Regulations

Besides this, the Wall Street trading firms Jane Street, Virtu Financial (VIRT), and Grayscale signed an agreement on Monday to reduce the discount on their Bitcoin Trust in the wake of a probable ETF conversion.

David LaValle, the global head of ETFs for the company, said that even though the SEC has not yet approved their application, it is a sign that they are ready for when it does.

 

                       Featured image from Flickr, and chart from Tradingview
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Alizeh Ilyas

Alizeh Ilyas

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With over 3 years of crypto writing experience, Alizeh Ilyas have a deep understanding of cryptocurrencies, blockchain, Fintech, web3, crypto market analysis, predictions, and more. Her passion for innovation shines through her work. Keeping a keen eye on the future of digital finance, she bridges gaps between technology and readers.

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