Lawyers for the investment firm are pushing for the regulator to take quick action to let it convert the Grayscale Bitcoin Trust into an exchange-traded fund.
Grayscale Investments won in court, and now it wants the Securities and Exchange Commission to move quickly to let it convert the Grayscale Bitcoin Trust into an exchange-traded fund.
The letter comes a week after a panel of judges in the U.S. Court of Appeals for the D.C. Circuit ruled that the SEC erred when it rejected Grayscale’s bid to convert GBTC into an ETF. The SEC rejected that application as well as other applications for spot Bitcoin ETFs on the grounds that Bitcoin trading platforms have insufficient surveillance to detect fraud and manipulation.
“It is difficult for us to see the Supreme Court giving the SEC a win given how conservatives on the court have repeatedly limited agency discretion,” wrote TD Cowen analyst Jaret Seiberg in a research note on Tuesday.
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