Grayscale sued the SEC because of the refusal to convert GBTC to ETF
GrayScale sued the SEC due to a refusal to convert GBTC to ETF
Grayscale Investments initiated a lawsuit against the US Securities and Exchange Commission (SEC) after the regulator of the GBTC Truste’s Camera deviations to Bitcoin-ETF.
We’ve Field A Lawsuit Against. $ GBTC
– Sonnenshein (@sonnenshein) June 30, 2022
The regulator substantiated the verdict with the inconsistency with the requirements for “preventing fraudulent and manipulative actions […], as well as protect investors and public interests”.
Earlier, the company indicated that the readiness of the SEC approves Bitcoin-ETF based on futures with a deviation of applications based on its spawn version may violate the law on administrative procedures.
“Futures Bitcoin-ETP In accordance with the Law [on investment companies] 1940 and the deputy bitcoin-mutp, which do not require such registration, are similar to each other in all relevant relationships. However, relying on the order for the refusal of [Vaneck Applications] of November 12, 2021, the commission interprets them differently “, – indicated in the letter.
If the SEC has not seen market manipulations in the futures market, then we can conclude that the spoke market is sufficiently complies with this criterion, the company said then.
“We are deeply disappointed and categorically disagree with the decision of the commission to continue to prohibit spotov bitcoin-ETF entering the US market”,-says in the press release Grayscale after solving SEC.
SEO of the company Michael Sonnenshain promised to “use all the company’s resources to protect the interests of investors and fair regulation of investment tools in the first cryptocurrency”.
For the first time, the head of the company allowed this opportunity in March 2022.
Grayscale emphasized that during the consideration of the SEC, the GBTC transformation into ETF supported 99.9% of those who left one of 11,400 comments.
Recall that SEC has not yet approved a single application for the launch of a spotcoin-eTF spot.
Grayscale Investments has applied for converting a digital gold to a spot-bitcoin -etf jacket on October 19, 2021.
December 17, SEC postponed the decision on the statement of Grayscale Investments. In February, the commission took this step again.
Previously, the GBTC discount exceeded 34%.
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