Grayscale reproached the US Securities and Exchange Commission (SEC) rejection of the lawsuit filed for GBTC to be accepted as a spot Bitcoin (BTC) ETF.
In a lawsuit filed over the SEC’s rejection of the Grayscale $12 billion Grayscale Bitcoin Trust (GBTC) ETF, a appeal summary presented. In the summary submitted by Grayscale to the District Court for the District of Columbia Circuit, the rationale put forward by the regulator was “arbitrary and unreasonabledescribed as “and “Exceeds SEC mandate” statements were included.
The SEC cited Grayscale’s proposal as the reason for the objection. fraud and to manipulation cited the findings that it did not provide adequate protection against On behalf of Grayscale in the statement Craig Salm, the company official who was in charge of the company, opposed this argument. “that the justification given is arbitrary” and GBTC US Stock Exchange LawHe stated that it was suitable for
GBTC spotlight bitcoin ETF Our conversion offer meets the requirements of the Exchange Act as it is designed to prevent fraud and manipulation while protecting investors and public interests.
Stating that he will continue to inform the community about the developments about the case, Grayscale officials said that the next statement will be announced. February 2 He declared that he would come on Although it is not clear when the case will end or the date of the next court decision, according to the authorities, the process until the autumn of 2023 may be prolonged.
Grayscale filed with the SEC after rejecting a spot GBTC offer in June. case had opened.