According to Craig Salm, Chief Legal Officer of digital asset manager Grayscale, the company has filed one or two lawsuits with the U.S. Securities and Exchange Commission (SEC) regarding the conversion of the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin exchange-traded fund (ETF). It can take up to a year.
Craig Salm, 11 July on the company’s Convert GBTC to spot Bitcoin ETF about SECthe case against basic arguments explained and answered frequently asked questions by investors.
Salm‘according to SECfor Bitcoin ETFs by rejecting spot Bitcoin ETFs futures transactions and spot trading separates them and makes a distinction between the two. However grayscaleBitcoin ETF differences are different, as both futures and spot Bitcoin ETF prices are based on the same spot Bitcoin markets. has nothing to do with their approval argues.
Grayscale legal team therefore, spot Bitcoin ETFs should not be approved at the time of approval of Bitcoin futures ETFs. “unfair discrimination” believes it can be considered. Salmthis “Administrative Procedure Law” and “1934 Securities Exchange Act” various laws, including have violated claims.
The litigation process may take up to one to two years. thinking Salm, grayscaleDespite this long trust your arguments and believes the court will decide in his favour. told.
We can’t be sure of the timing, but it can typically take from twelve months to two years, although it can be shorter or longer, depending on how long the federal case takes, including briefings, oral discussions, and a final court order. We believe that the strength of our arguments, however long it may take, should result in a decision in our favor in court.