Grayscale’s CEO has had it with the SEC, announcing that if they don’t approve Grayscale’s Bitcoin spot ETF the firm would consider suing the SEC. Covered: Grayscale To Sue SEC If Bitcoin Spot ETF Is Denied Grayscale’s Bitcoin Spot ETF History Grayscale To Sue SEC If Bitcoin Spot ETF Is Denied Grayscale is the world’s […] The post Grayscale Could Sue The SEC If Its Bitcoin Spot ETF Is Denied appeared first on CryptosRus.

Grayscale Could Sue The SEC If Its Bitcoin Spot ETF Is Denied

Grayscale’s CEO has had it with the SEC, announcing that if they don’t approve Grayscale’s Bitcoin spot ETF the firm would consider suing the SEC.

Covered:

  • Grayscale To Sue SEC If Bitcoin Spot ETF Is Denied
  • Grayscale’s Bitcoin Spot ETF History

Grayscale To Sue SEC If Bitcoin Spot ETF Is Denied

Grayscale is the world’s largest digital asset manager. In a recent interview on Bloomberg, the CEO Michael Sonnenshein announced that the company could potentially sue the SEC if their Bitcoin spot ETF isn’t approved. This comes on the heels of the SEC continuing to push back its decision on Grayscale’s attempt to convert its Bitcoin Trust fund into a spot ETF.

Sonnenshein was asked if their Bitcoin spot ETF was denied if the firm would sue the SEC, he said “I think all options are on the table”. If Grayscale were to sue the SEC, it would be in the form of an Administrative Procedure Act Lawsuit, which is one way the firm could challenge unlawful agency action.

He went on and emphasized the importance of people reaching out to the SEC in response to its request from the public,  which has already been done by many people. The SEC has until July 6, 2022 to decide whether or not they will allow Grayscale’s Bitcoin trust to be converted into a spot ETF. In the meantime, Sonnenshein stressed that Grayscale is putting its “full resources” behind getting the applications approved by then. He concluded with noting that it is only a matter of ‘when’, and not ‘if’, the SEC will approve Bitcoin spot ETFs.

Grayscale’s Bitcoin Spot ETF History

Only time will tell if Grayscale will need to sue the SEC over the Bitcoin spot ETF, but it’s important to know the history of the progression towards this point, so here’s a quick recap.

Grayscale first announced that they would attempt to convert its flagship trust in April of 2021. The following October, the firm officially filed to convert their Bitcoin fund into a spot ETF. Since then, the SEC has only approved futures-backed Bitcoin funds, but for all applications regarding a spot ETF for Bitcoin have been delayed.

Grayscale isn’t the only one campaigning for a Bitcoin spot ETF. In the recent past, other giant-firms such as Fidelity, Goldman Sachs, SkyBridge Capital, VanEck, and others have joined the club.

The reason a spot ETF could be a game changer for Bitcoin is that it could set a permanent floor price for Bitcoin, and this is speculated is because thats what happened with Gold. So, once and when we see a Bitcoin spot ETF approved in the US, we may never a cheaper Bitcoin.

 

 

 

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