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Grayscale files suit against SEC following rejection of GBTC conversion bid


www.theblock.co 30 June 2022 01:59, UTC
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Crypto asset management firm Grayscale Investments has filed a lawsuit against the Securities and Exchange Commission, the United States regulator.

The company announced on June 29 that it would challenge a decision by the watchdog to deny its bid by to convert its Grayscale Bitcoin Trust into a spot bitcoin exchange-traded fund.

The SEC had announced that decision earlier the same day.

In a statement, Grayscale’s CEO Michael Sonnenshein said he is “deeply disappointed by and vehemently disagree with the SEC's decision to continue to deny spot Bitcoin ETFs from coming to the U.S. market.”

“Through the ETF application review process, we believe American investors overwhelmingly voiced a desire to see GBTC convert to a spot Bitcoin ETF, which would unlock billions of dollars of investor capital while bringing the world’s largest Bitcoin fund further into the U.S. regulatory perimeter,” he continued. “We will continue to leverage the full resources of the firm to advocate for our investors and the equitable regulatory treatment of Bitcoin investment vehicles.”

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