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GRAYSCALE LAWSUIT AGAINST SEC: SPOT ETF DEMANDED!

 



It was a bitter battle between mutual funds and the US Securities and Exchange Commission. As early as 2013, four years after the Bitcoin Genesis Block, the first investment fund submitted an application to the SEC for permission to introduce a Bitcoin ETF.


However, the SEC has not been interested in this topic for a very long time and has ignored the fund operators. However, last year there was a change. The urge for a crypto ETF grew as more and more Wall Street investors became aware of Bitcoin & Co. and wanted to invest in crypto classes.


This is one of the reasons why the pressure on leading banks in the USA, such as JPMorgan and Goldman Sachs , both of which have introduced trading in Bitcoin, has increased – however, special requirements have to be met by the customer for this.


Increasing confidence in Bitcoin as an asset class put additional pressure on the SEC. By October 2021, 14 applications for a Bitcoin ETF had already piled up on the US Securities and Exchange Commission's desks.


Finally, on October 18th last year, the time had come. The US's first Bitcoin ETF was approved by the SEC and went live. The lucky first mutual fund was the ProShares Bitcoin ETF. A few more soon followed.


It all sounds pretty good so far. However, the story has a catch. The SEC has not approved all types of Bitcoin ETFs. Only the Bitcoin Future ETF may be opened in the USA.


The difference between a spot ETF and a futures ETF is easily explained. With a Bitcoin Spot ETF, the managed assets of the fund are deposited entirely in Bitcoin, while with a Bitcoin Futures ETF only futures, so-called futures contracts, are used to buy a certain amount of Bitcoin at a future point in time. Thus, the managed assets of the Bitcoin ETF are not deposited with "real" Bitcoin.


This is exactly where the asset manager comes in. Grayscale CEO Michael Sonnenshein believes that the regulatory difference between a spot ETF and a futures ETF is negligible.


Logically, if regulators are okay with ETFs that hold derivatives on a particular asset, they should also be okay with ETFs that hold the same asset.


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Grayscale wants to convert the currently around 13 billion Grayscale Bitcoin Trust (GBTC) into a spot ETF. The plan has been around for a long time, and the application was filed with the SEC in October 2021.


After the filing was delayed twice by the SEC, Grayscale threatened the SEC with a lawsuit back in February. That threat now seems to be a reality. The SEC rejected the application for Grayscale's Bitcoin Spot ETF as of yesterday, Wednesday, June 29, 2022.


This was the bang that animated Grayscale to sue. A Grayscale blog post made it clear that the company would do whatever it takes to push through the spot ETF application.


It is the SEC's arbitrary and predictable actions and discriminatory treatment of issuers that make it necessary to take this matter to court in the best interests of GBTC and our investors.


The first step in the Grayscale lawsuit has already been taken. On behalf of Grayscale, the asset manager's Senior Legal Strategist, who is also a former US Attorney General, has filed a review request with the US Court of Appeals.

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