The US Securities and Exchange Commission (SEC) has rejected Grayscale’s application for a spot Bitcoin (BTC) exchange-traded fund (ETF). CEO Michael Sonnenshein said they filed a lawsuit with the SEC after the decision.
SECTSI Thursday, June 30 in the document he shared at night grayscale‘of 13.5 billion dollarsness Grayscale Bitcoin Trust (GBTC) of the fund spot Bitcoin ETFHe announced that he rejected his application to convert to .
Announcing his decision earlier than expected SECamong other reasons for the rejection of the application inability to prevent market manipulation He gave reasons and stated that his questions about his concerns were not answered. SEC Moreover Bitwise’s spot Bitcoin ETF application refused for similar reasons.
SEC‘s, Grayscale’s first past October in order to make a final decision on the rule change he applied for. 6 July He had expiration date. The SEC, which postponed its decision many times, was lastly in February. postponed his decision and He requested public comment on the matter..
grayscalein a letter he shared this week GBTC’s spot Bitcoin ETFpublic opinion for its transformation to It offers more than 11,400 reviews. and 99.96% of these commentsof the support the transformation had stated.
Expected: Grayscale sues the SEC
If the application has been rejected many times before Initiating legal action against the SEC including all options are on the table stating the CEO Michael Sonnensheinannounced that they filed a lawsuit against the SEC in a post on Twitter after the application was rejected.
SECof The “Administrative Procedure Act” (APA) thinks it violates grayscale Senior Legal Strategist and former US Attorney General, who was recently appointed as additional legal counsel for all possible scenarios, according to a statement shared by Donald Verrillion behalf of the company as the first step of the litigation process. U.S. District Court of Appeals for the District of ColumbiaIt was stated that he had filed a petition for review.