Grayscale is gearing up for a lawsuit with the SEC over Bitcoin ETF


Grayscale CEO Michael Sonnenshein said the company is preparing for litigation if Grayscale’s Bitcoin Spot ETF product is rejected by the United States Securities and Exchange Commission (SEC).

in a (n interview Speaking to Bloomberg on Tuesday, March 29, Sonnenshein was asked if he would consider the Administrative Procedure Act (APA) option to sue if the application for his Bitcoin Spot ETF was denied by the Financial Regulator.

“I think all options are on the table,” he replied, emphasizing the importance of continuing to advocate for investors. The next decision date for approval or rejection of the investment product is July 6, 2022, it said previously delayed in Februaryand was originally submitted in October 2021.

“The Grayscale team used all of our firm’s resources to convert GBTC, our flagship fund, into an ETF. It’s really important that investors know we’ve stood up for them and will continue to stand up for them.”

Grayscale announced in October 2021 that it planned to convert his Bitcoin TrustGBTC to a Bitcoin (Bitcoin)-based ETF. This delayed a decision to approve the product In December 2021, their action was repeated in February, noting that a longer period was needed to consider the proposed changes.

Related: ProShares ETF’s Bitcoin supply hits $1.27 billion while BTC expects $50,000 by mid-April

The SEC opened Grayscale’s proposed changes to public feedback. This was shown by the feedback from the regulatory authority 95% of respondents were in favor of the changeover, according to an analysis taken in February. Grayscale dedicated part of it website Encourage investors to submit comments to the SEC.

“GBTC is now owned by investors in all 50 states, and in fact there are now over 800,000 accounts in the US, all patiently waiting for it to convert to an ETF,” Sonnenshein said.

“It was really a very exciting announcement that we now have bitcoin futures ETFs on the market, but unfortunately it has forced investors into these bitcoin futures products because they’re the only ones out there.”

Sonnenshein added that Grayscale has been encouraged by the SEC’s support for crypto exchanges to register with the regulator, as well as by President Biden recent executive order on crypto.

“Ultimately, we believe it’s a matter of when, not if a spot bitcoin ETF will be approved.” Grayscale is gearing up for a lawsuit with the SEC over Bitcoin ETF

Fry Electronics Team

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