Grayscale sued SEC over refusal to register its spot bitcoin ETF
The company insists that the regulator violates the Securities Act and asks for a review of the ruling
30.06.2022 - 12:20
103
2 min
0
What’s new? Digital asset management company Grayscale has sued the US Securities and Exchange Commission (SEC) after the agency rejected its application to convert the Grayscale Bitcoin Trust (GBTC) into a spot bitcoin ETF (exchange-traded fund). In the rejection, the SEC cited concerns about market manipulation and the lack of a clear regulatory framework. So far, the agency has not approved any such investment product.
Grayscale’s reaction. The company’s CEO Michael Sonnenshein stressed that Grayscale, by its own decision, filed a registration for GBTC with the SEC, increasing access to product information for investors and providing the regulator with increased oversight. He also added that the vast majority of investors are interested in converting the trust into a bitcoin ETF. The company insists that the regulator violates the Administrative Procedures Act and the Securities Act, and asks the court to review the ruling.
In this, Sonnenshein noted that Grayscale supports the SEC’s powers to protect investors, support fair and legal markets and facilitate capital formation. He pledged “to leverage the full resources of the firm to advocate for our investors and the equitable regulatory treatment of Bitcoin investment vehicles.”
The company applied to convert the trust in October 2021. In February 2022, the Commission delayed a decision to launch a bitcoin ETF, noting the need to explore Grayscale’s ability to crack down on fraudulent activity on the spot market.
Grayscale Investments is a digital asset management fund founded in 2013. It allows US-accredited investors to buy cryptocurrency investment products in a regulated environment through traditional market instruments.
Useful material?
Telegram 
Twitter Trends
Earlier, the French division of the network began accepting payments in bitcoins
Mar 29, 2023
Crypto regulations
The presidential decree obliges the leadership of the High-Tech Park to develop a concept for the development of the token sphere by July of next year
Mar 29, 2023
Incidents
The service team urged users to be more careful in the coming days in connection with the possible activation of scammers
Mar 29, 2023
Market
The law firm’s experts have called on Congress to end illegal pressure on the digital asset industry
Mar 29, 2023
Incidents
The attack affected the asset’s liquidity pool paired with BNB
Mar 29, 2023
Incidents
The phishing site offers potential victims to link a wallet to check the possibility of receiving the asset
Mar 29, 2023
Cryptocurrency rates
-
Bitcoin
$28 417
BTC
+6.03%
-
Ethereum
$1 813.91
ETH
+5.48%
-
Ripple
$0.57
XRP
+17.32%
-
Cardano
$0.39
ADA
+11.27%
-
Dogecoin
$0.08
DOGE
+5.34%
-
Polkadot
$6.26
DOT
+6.88%
-
Litecoin
$92.04
LTC
+6.66%
-
Solana
$10.15
SOL
-9.47%
-
Monero
$158.27
XMR
+2.77%
-
Stellar
$0.11
XLM
+13.56%