Grayscale Spot May Take Legal Action Against SEC At The End Of Bitcoin ETF Fight

Grayscale CEO Michael Sonnenshein has hinted that if the Grayscale Bitcoin Trust (GBTC) application to convert it into a spot Bitcoin exchange-traded fund (ETF) is rejected by the US Securities and Exchange Commission (SEC), the company may initiate legal action.

sonnenshein, March 29 on Bloomberg During an interview with the company If the spot Bitcoin ETF application is rejected by the SEC “Administrative Procedure Act” (APA) whether to consider litigation on the question all options are on the table told.

I think all options are on the table. The Grayscale team is using all of our company’s resources to convert our flagship fund, GBTC, into an ETF. It is really important for investors to know that we are doing our best and will continue to advocate for them.

In the interview, GBTCof from 50 states has investors and GBTCpatiently a ETFwaiting to be converted to More than 800,000 investors stating that sonnenshein;

It was a really exciting announcement that we now have Bitcoin futures ETFs on the market. Unfortunately, however, this has forced investors into Bitcoin futures products. Because these are the only things that exist.

made statements.

sonnensheinyour words spot Bitcoin ETFs about SEC finished with criticism.

Ultimately, we believe the real issue is not whether a spot Bitcoin ETF is approved, but when.

grayscale, GBTCFor the first time in line with plans to convert . October 2021 on to the SEC had applied. SECarguing that a longer time is needed to evaluate the proposed changes December and February application decision in twice delayed.

SEC Delays Grayscale’s Spot Bitcoin ETF Application Again

select, February in its last postponement decision in grayscale changes suggested by to public feedback opened. February According to an analysis carried out in SEC feedback received by 95% of respondents support change revealed.

Support Conversion of Grayscale Bitcoin Trust (GBTC) to Spot ETF

Moreover grayscaleinvestors part of the website Encourage the SEC to submit comments reserved for.

Grayscale Launches Campaign for Spot Bitcoin ETF