Crypto asset manager Grayscale is suing the U.S. Securities and Exchange Commission (SEC) over a rejected bid to convert Grayscale’s Bitcoin (BTC) fund into an exchange-traded fund (ETF).
In a recent open Bréif, Grayscale announced the SEC was “discriminatory” when it rejected its application to convert the Grayscale Bitcoin Trust (GBTC) into a spot market geschriwen ETF and says it’s suing the agency.
“Today, we received notice that our application to convert GBTC to a spot ETF was denied by the SEC. We are deeply disappointed by and do not agree with its decision…
De SEC feelt eng konsequent Behandlung op Bitcoin Investitiounsautoen anzesetzen, wéi beweist duerch seng Verweigerung vun der GBTC Uwendung fir d'Konversioun op eng Spot ETF, awer d'Zustimmung vu verschiddene Bitcoin Futures ETFs.
If regulators are comfortable with ETFs that hold derivatives of a given asset, they should logically be comfortable with ETFs that hold that same asset.
It is the SEC’s arbitrary and capricious actions and discriminatory treatment of issuers that necessitates elevating this matter to the courts in the best interest of GBTC and our investors.”
An enger neier Interview on CNBC Squawk Box, Grayscale CEO Michael Sonnenheim says the SEC missed a huge regulatory opportunity by rejecting their bid.
"D'Tatsaach datt en US Reguléierer d'Méiglechkeet vermeit dëst weider an de reglementaresche Perimeter ze bréngen an Investisseuren méi Offenbarung, méi Schutz ze ginn, dëst ass eng onheemlech verpasst Geleeënheet vun hirer Säit," seet @sonnenshein op der SEC refuséieren $ GBTC #Bitcoin. pic.twitter.com/IZboQLkJn7
- Squawk Box (@SquawkCNBC) Juni 30, 2022
Skybridge Capital founder Anthony Scaramucci also gekämmt in, assessing that the SEC missed a massive opportunity that other nations are capitalizing on.
“It’s a missed opportunity for the country. We’ve had the mantle of financial services leadership for 100+ years and the fact that the SEC is moving in this direction [when] the Europeans are rallying for a cash ETF, the Canadians are rallying for a cash ETF, just a huge missed opportunity.”
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Source: https://dailyhodl.com/2022/06/30/crypto-giant-grayscale-immediately-sues-sec-after-bitcoin-etf-rejection/