US regulator sued by Grayscale after latest bitcoin ETF rejection
Categories: Crypto News US
US regulator sued by Grayscale after latest bitcoin ETF rejection
Historically, the Grayscale Bitcoin Trust (GBTC) was the primary vehicle for US institutional exposure to bitcoin. As jurisdictions including Australia and Canada approved spot bitcoin exchange-traded funds (ETFs), the Securities and Exchange Commission (SEC) protested.
Historically, the Grayscale Bitcoin Trust (GBTC) was the primary vehicle for US institutional exposure to bitcoin. As jurisdictions including Australia and Canada approved spot bitcoin exchange-traded funds (ETFs), the Securities and Exchange Commission (SEC) protested.
Once again, he has rejected an appeal to approve the bitcoin ETF, and this time he is facing trial. As soon as news broke that the SEC had rejected its application to convert GBTC into an ETF, Grayscale moved quickly to petition for review with the US Court of Appeals for the District of Columbia Circuit.
Speaking on CNBC's Squawk Box, chief executive Michael Sonnenshin commented that Grayscale was "of course very disappointed, but as an organization [we] were prepared".He said the firm filed a petition for review "almost immediately" because it "strongly disagreed with the decision".
Remarkably, during Grayscale's 240-day review, a record-breaking 11,400 submissions were received with over 99 percent performance support for the conversion. Even though a final decision is likely to be reached within the next 12 months, it appears the SEC may have nested the wrong way. Bitcoiners, in particular, have a tendency to make their voices heard.