SEC Received Over 11,000 Letters Supporting Grayscale Spot BTC ETF

The U.S. Securities and Exchange Commission (SEC) has received more than 11,000 letters in support of Grayscale converting its GBTC bitcoin trust into a spot bitcoin ETF, including Coinbase, Susquehanna and Silvergate. The action followed after Grayscale filed a lawsuit for not receiving approval in court.

After GrayScale launched a campaign to support investors, the SEC received more than 11,000 letters in support of the asset manager’s Grayscale Bitcoin conversion plan. Trusting an ETF, Chief Legal Officer Craig Salm said the company expects similar support when your court brief is filed for a deadline on Tuesday.

As mentioned in previous Coincu News articles, on June 29, the SEC rejected the company’s application to convert the trust, the world’s largest bitcoin fund, into an exchange-traded product change. On the same day, Grayscale filed a motion for reconsideration with the District of Columbia Court of Appeals, filing a lawsuit to challenge the decision. Because the action was against an agency of the United States government, the case began at the appellate level, rather than the district court, the usual venue of trial.

The asset manager argued that the Commission is treating spot bitcoin ETFs with “particular harshness” compared to other types of investments. The SEC has approved several bitcoin futures ETFs but consistently rejects funds that directly hold bitcoin, including Grayscale.

On October 12, crypto asset management firm has filed an opening summary of a lawsuit by the U.S. Securities and Exchange Commission (SEC) rejecting an application for an exchange-traded fund spot bitcoin exchange.

The summary argues that the SEC’s refusal to approve the GBTC conversion will harm its 850,000 investors who already own shares in the trust.

Forbes revealed that if Grayscale loses the appeal phase, it can continue to seek to file a lawsuit in the Supreme Court of the United States to appeal.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Foxy

CoinCu News