BREAKING: Grayscale Investments has launched a legal challenge to the SEC's rejection of its spot-Bitcoin ETF application.
Grayscale has announced a legal challenge to the latest rejection of its application to convert the Grayscale Bitcoin Trust into a spot-based Bitcoin exchange-traded fund by the Securities and Exchange Commission.
It announced that its Senior Legal Strategist, former U.S. Solicitor General, and partner at Munger, Tolles & Olson, Donald B. Verrilli, Jr. had filed a petition for review with the United States Court of Appeals for the District of Columbia Circuit. According to a filing from the securities regulator on June 29, the application was disapproved “to protect investors and the public interest” because the proposal failed to demonstrate how it is “designed to prevent fraudulent and manipulative acts and practices.”
A similar decision was also made on Wednesday regarding Bitwise’s Bitcoin exchange-traded product citing the same reasons. Grayscale Investments, which has $12.92 billion of assets under management in its GBTC had been waiting on a decision from the SEC to convert its flagship Bitcoin trust into aThe decision comes out a full week before the July 6 deadline.Donald B. Verrilli Jr. in preparation for a potential legal spat with the SEC over its application should it be rejected.
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