world’s largest bitcoin Exchange Traded Fund (ETF) issuer Grayscale Investments There has been a new development in the ongoing lawsuit between the US Securities and Exchange Commission and the SEC.
Grayscale officials announced that they submitted the first legal summary to the court board.
“The brief we submitted to the Court was the next step in our opening briefing on October 11 and, together with the documents that followed, in our case defense.”
Thus, Grayscale took the first step after filing the case. Although it is not expected that the case will have a positive outcome for the Bitcoin ETF, it may still be possible for the SEC to be a little more careful when the next Bitcoin ETF decisions are made.
In its October filing brief, Grayscale claimed that the SEC took an arbitrary decision on this issue, despite other regulatory agencies having approved the spot market-based Bitcoin ETF.
Grayscale filed with the SEC last June to convert GBTC, the largest Bitcoin fund, into a spot ETF fund. The SEC quickly rejected the application. Grayscale officials went to court, saying that the decision was arbitrary and 850,000 investors lost money because of this.
SEC futures and spot-based BTC fund “completely different things” He defends himself by presenting himself.
SEC Previously Approved Spot ETFs!
While the Securities and Exchange Commission’s defense may seem logical at first, its decisions do not reflect the truth. The SEC has allowed futures contracts that have been traded many times elsewhere to become spotlights.
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