Grayscale Investments sued the SEC on Wednesday, shortly after the regulator rejected its bid to list the first spot bitcoin ETF, and called the SEC’s rulings “arbitrary and capricious.'
Grayscale Investments sued the U.S. Securities and Exchange Commission on Wednesday, shortly after the regulator rejected its bid to list the first spot bitcoin exchange-traded fund.
“We are deeply disappointed by and do not agree with its decision,” Grayscale said in a statement, calling the SEC’s rulings “arbitrary and capricious.” “The SEC is failing to apply consistent treatment to bitcoin investment vehicles as evidenced by its denial of GBTC’s application for conversion to a spot ETF, but approval of several bitcoin futures ETFs,” Grayscale said. “If regulators are comfortable with ETFs that hold derivatives of a given asset, they should logically be comfortable with ETFs that hold that same asset.”
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