Grayscale Ramps Up Efforts Against SEC For Rejecting Bitcoin ETF
Source: iStock/Pgiam Crypto asset management company Grayscale has filed the opening brief in its lawsuit against the U S. Securities and Exchange Commission (SEC), challenging the agency's decision to deny its application to convert the GBTC into a spot Bitcoin ETF. Grayscale, which has been trying to convert its flagship Grayscale Bitcoin Trust fund (GBTC) into a spot BTC ETF for years, called the SEC's decision “arbitrary, capricious, and discriminatory" in an opening legal brief filed on Tuesday. As reported, the SEC denied Grayscale’s application on June 29, citing fraudulent and manipulative acts and practices and concerns regarding user protection. Subsequently, Grayscale Senior Legal Strategist Donald B. Verrilli, who was formerly U.S. Solicitor General and partner at Munger, Tolles & Olson, filed a petition for review to initiate the litigation process. The opening brief explains the legal basis for Grayscale’s arguments, arguing that t