Grayscale Investments the world’s largest digital currency asset security manager has filed a brief against SEC. This brief was submitted to challenge SEC on their decision to deny Grayscale Bitcoin Trust’s conversion to Bitcoin ETF.
Grayscale has filed the brief in the US Court of Appeals in the District of Columbia circuit claiming that the Securities and Exchanges Commission’s decision to deny their conversion of the Grayscale Bitcoin Trust is arbitrary. Their representatives had mentioned that SEC had previously appointed Bitcoin Future ETFs claimed due to “price generations”.
Grayscale attorneys continue to state that although Bitcoin is relatively a new asset, SEC has failed to justify their varying behavior towards Bitcoin Future ETPs and spot Bitcoin ETPs.
Throughout 2021 and 2022, records show that SEC has approved Bitcoin Future ETPs but repeatedly rejected ETFs that are directly connected to Bitcoin. The brief filed by Grayscale mentions that both these assets generate their prices similarly hence both assets have the same risks and protections.
Grayscale’s Chief Legal Officer says that the rules and regulations set must be applied without providing any asset with other treatment. Both funds are tied to the price of Bitcoin and hence should be treated equally. They further mention that the bar set by the US SEC for Bitcoin funds is set too high.
Grayscale Investments has been first founded in 2013. This company enables its users to access digital assets through a family of secure, regulated, and future-forward products. They have an extensive track record of expertise and has been known as the world’s largest digital currency asset manager.
The company has repeatedly mentioned that SEC would require to file its brief by November. It is believed that Grayscale possessed $26.4 billion US dollars under assets in the month of March 2022.
