Grayscale, the world’s largest digital asset manager, has presented its first inaugural lawsuit brief against a spot Bitcoin ETF that was rejected by the US Securities and Exchange Commission (SEC).
grayscale, Grayscale Bitcoin Trust‘I (GBTC) submitted its filing brief against the SEC to appeal its decision rejecting its application to convert it to a spot Bitcoin ETF. Under US law, the SEC until 9 November He is expected to present a brief against the case and make a statement. If the date of announcement of the final declarations of both parties December 21 was decided as.
Case briefing filed Oct. 11 by Grayscale to the U.S. Court of Appeals for the District of Columbia. Strong accusations made against the SEC. The lawsuit file states that the SEC’s rejection of the spot Bitcoin ETF “arbitrary, capricious and discriminatory“It was alleged.
Grayscale lawyers believe that several Bitcoin Futures ETFs have been previously approved by the SEC. based on the same indices as the spot Bitcoin ETF in terms of quality argued that. Lawyers argue that these arbitrary actions of the SEC “beyond its legal authority” he claimed.
The SEC decision has a stake in the Trust Losing 850,000 investors Grayscale officials, who defended the issue, made the following statements on the subject:
Given that the Commission has not approved the Trust to trade as an ETP on the Exchange, the value of its shares cannot closely follow the value of the Trust’s underlying Bitcoin assets, dragging the Trust’s shareholders into billions of dollars worth of losses. There is no justification for continuing to incur such serious investor losses.
It is known that Grayscale has justified reasons, claiming that he was damaged because he could not get the Spot Bitcoin ETF. Recently, the difference between GBTC and spot markets has reached a historical record. 36%was opened to. After this decline in the fund, GBTC price $12,500 dropped to its level.