Grayscale legal challenge to SEC sparks response from the community
From accusing the SEC of suppressing Bitcoin to suggesting alternatives, the community showed varied responses to Grayscale’s legal challenge against the SEC. As Grayscale’s application to convert the Grayscale Bitcoin Trust (GBTC) into a Bitcoin (BTC) exchange-traded fund (ETF) got denied, the firm launched a legal challenge against the United States Securities and Exchanges Commission (SEC). Following these events, the community responded with various reactions, from accusing the SEC of price manipulation to suggesting different solutions. ThatsMRcurmudgeon2u, a Redditor who introduced himself as a securities lawyer also weighed in on the matter. According to the Reddit user, many anticipated the lawsuit as SEC chair Gary Gensler as they made it clear that they want exchanges to register with the SEC. The Redditor also accused the SEC of “holding GBTC hostage.” Lawyer Jake Chervinsky tweeted that the ETF denial is "deeply disappointing," and it defies federal law and co...