Blockchain Association Support Grayscale In Spot Bitcoin ETF SEC Fight

The Blockchain Association has submitted an amicus brief in Grayscale’s legal battle with the Securities and Exchange Commission over the SEC’s refusal to approve a spot-Bitcoin exchange-traded fund.

The Blockchain Association, a blockchain policy advocacy group, located in Washington, DC, filed an amicus brief in the Grayscale case. Outside parties with court approval can file amicus briefs to provide additional information or perspective, but they cannot introduce new facts.

Grayscale’s position that the SEC’s refusal of its application to convert its flagship fund into an ETF breaches SEC processes is supported by the Blockchain Association’s brief. It started the appeal procedure immediately after receiving the refusal.

Blockchain Association Head of Policy Jake Chervinsky said in a statement:

“After approving futures-based Bitcoin ETPs, the SEC has abandoned its investor protection mandate and abused its discretion by denying every application for a spot-based Bitcoin ETP, including Grayscale’s application.”

According to the Blockchain Association’s submission, refusing the proposals is inconsistent with the Commission’s treatment of comparable goods and cuts against SEC regulatory and policy imperatives by depriving customers of a product they argue is typically better suited to particular investor needs. According to the filing:

“The Commission’s use of a double standard to evaluate Bitcoin futures ETPs and spot ETPs is not only bad policy, but also in contravention of law. The Commission must treat like cases alike.”

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