Grayscale says it’s preparing to argue in court next week that the Securities and Exchange Commission (SEC) inappropriately treated its bitcoin exchange-traded fund (ETF) bid differently than earlier decisions approving bitcoin futures-based ETFs, according to the company’s legal team.
The digital investment company’s application to convert the Grayscale Bitcoin Trust (GBTC) into a spot bitcoin ETF was denied in June, so Grayscale took the SEC to court. On March 7 the sides are set to make their arguments to federal judges of the U.S. Court of Appeals for the District of Columbia Circuit. Grayscale’s team will contend the regulators had a constrained role here and didn’t follow logic in its rejection after having approved several futures ETFs with similar risk profiles. Grayscale is owned by Digital Currency Group, which also owns CoinDesk.
Source: Grayscale to Argue SEC’s Inconsistency as Bitcoin ETF Dispute Heads Toward Court