Major Bitcoin ETF Legal Battle Begins as Grayscale Sues SEC - Aliens: AI Crypto News & Markets Updates
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Major Bitcoin ETF Legal Battle Begins as Grayscale Sues SEC

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Cryptonews

Thu, Jun 30, 2022

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One of the biggest bitcoin (BTC) and crypto investment companies, US-based Grayscale Investments, sued US Securities and Exchange Commission (SEC) after it rejected its application to convert the Grayscale Bitcoin Trust (GBTC), the world's largest BTC fund, to a spot exchange-trading fund (ETF).

According to them, the market watchdog is failing to apply consistent treatment to BTC investment vehicles as evidenced by its denial of GBTC’s application for conversion to a spot ETF, but approval of several BTC futures ETFs.

"We hold firm in our belief that converting GBTC to a spot Bitcoin ETF remains the best option for investors: it would effectively eliminate the discount and cause the shares to track the price of bitcoin," the firm said.

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