Grayscale called the “discriminatory” position of the SEC on spoty bitcoin -etf

Grayscale Investments has sent digital assets that sent an entrance application to the Court of Appeal on the County of Colombia on a lawsuit against the US Securities and Exchange Commission (SEC).

2/ The Sec’s Decision Back in June Was DisAppting, But We Were Prepared for All Possible Outcomes. That same night, we took Action. We’ve Now Reached the Next Milestone in the Legal Process. Pic.Twitter.COM/MPO3TIYTLJ

– Grayscale (@grayscale) October 12, 2022

“The introductory application is the first significant document submitted to the court that explains the legal basis of our arguments,” the company said.

According to Grayscale Investments, the Commission “Arbitrarily” and “Discriminatively” considers applications for spot-bitcoin -etf, unlike futures options. The SEC reference to the non -compliance with the requirements for “preventing fraudulent and manipulative actions” in the company is considered “deeply erroneous”.

“Our converting application [Trust] GBTC in Bitcoin-ETF satisfies the requirements of the relevant law,” the statement said.

Grayscale Investments lawyers emphasized that the position of the regulator is inconsistent and unfair.

8/ Our legal team argues that there is only one reasonable conclusion to draw: that the SEC is arbitrarily treating spot #Bitcoin ETFs with “special harshness” – inconsistently and unfairly compared to other types of investment vehicles without adequate justification.

– Grayscale (@grayscale) October 12, 2022

“The commission violated the most basic requirements [of the Law on Administrative Procedures], not managing to justify its completely different attitude to the futures and spotov bitcoin-mutp,” Grayscale concluded.

SEC should give an objection to the introductory application on November 9.

On October 19, 2021, GrayScale sent an application for the transformation of the Bitcoin gap GBTC to the exchange fund based on a spare price of cryptocurrency.

December 17, SEC postponed the decision on the statement of Grayscale Investments. In February 2022, the commission took this step again. On June 30, the company sued the regulator after the final deviation of its documents.

Recall, the editors of Wall Street Journal accused the head of the department of Gary Gensler of “confusing” the approach regarding the adoption of a spotcin-bitcoin -etf.

The commission was also condemned by billionaire Mark Kyuban, a member of the US House of Representatives Tom Emmer and founder of Messari Ryan Selkis. According to the latter, the deviation of the application Grayscale is fraud.

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