Grayscale Could Find Itself in Suit as it Sues SEC Over Bitcoin ETF
Grayscale alleges that the SEC?s logic for denying its application to convert its US$8 billion Grayscale Bitcoin Trust (GBTC) into an ETF is ?arbitrary, capricious and discriminatory?.
The post Grayscale Could Find Itself in Suit as it Sues SEC Over Bitcoin ETF appeared first on LUXUO.
In the animal kingdom, the hunter rarely (if ever) becomes the hunted, but these same rules don?t apply in the blood sport that is litigation.
Which is why a recent suit by Grayscale against the US Securities and Exchange Commission, creator of the eponymous Grayscale Bitcoin Trust risks doing just that ? causing the hunter to become the hunted.
Grayscale alleges that the SEC?s logic for denying its application to convert its US$8 billion Grayscale Bitcoin Trust (GBTC) into an ETF is ?arbitrary, capricious and discriminatory? and to be fair, the suit has merits and puts forward some decent legal arguments.
But that?s not the point here.
Consider that Grayscale had every opportunity over the past almost a decade since its inception, to convert GBTC into an ETF, but never attempted with any sincerity to do so.
Even when competitors like the Winklevoss twins applied to the SEC in 2018 to list the first ever Bitcoin ETF, Grayscale sat idly by.
It wasn?t until late 2021, when it looked like ProShares Bitcoin Strategy ETF, an ETF which attempts to track the price of Bitcoin by holding CME Group?s Bitcoin futures look set to be listed that the heat on Grayscale finally got ...
The post Grayscale Could Find Itself in Suit as it Sues SEC Over Bitcoin ETF appeared first on LUXUO.
In the animal kingdom, the hunter rarely (if ever) becomes the hunted, but these same rules don?t apply in the blood sport that is litigation.
Which is why a recent suit by Grayscale against the US Securities and Exchange Commission, creator of the eponymous Grayscale Bitcoin Trust risks doing just that ? causing the hunter to become the hunted.
Grayscale alleges that the SEC?s logic for denying its application to convert its US$8 billion Grayscale Bitcoin Trust (GBTC) into an ETF is ?arbitrary, capricious and discriminatory? and to be fair, the suit has merits and puts forward some decent legal arguments.
But that?s not the point here.
Consider that Grayscale had every opportunity over the past almost a decade since its inception, to convert GBTC into an ETF, but never attempted with any sincerity to do so.
Even when competitors like the Winklevoss twins applied to the SEC in 2018 to list the first ever Bitcoin ETF, Grayscale sat idly by.
It wasn?t until late 2021, when it looked like ProShares Bitcoin Strategy ETF, an ETF which attempts to track the price of Bitcoin by holding CME Group?s Bitcoin futures look set to be listed that the heat on Grayscale finally got ...
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