Bitcoin: Grayscale pins SEC over ‘special harshness’ to spot ETFs
In October last year, Grayscale filed its papers with the SEC to convert its Bitcoin Trust into an ETF. Post repeated extensions, the regulatory body issued a rejection order towards the end of June. Per the same, Grayscale’s application failed to answer the regulator’s questions pertaining to how it’d prevent market manipulation and protect investors and public interest. After the rejection order was issued, Grayscale immediately chose to tread on legal waters and filed a lawsuit challenging the SEC’s decision. Read More: Grayscale sues SEC over Bitcoin ETF conversion rejection Rejection is ‘discriminatory’ & ‘capricious’ In the opening brief of its lawsuit against the SEC, Grayscale has contended that the rejection over the risk of fraud and manipulation in the spot Bitcoin market is “capricious” and “discriminatory.” More so because the SEC has allowed futures-based Bitcoin ETFs that are exposed to similar concerns. Grayscale’s ...