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Join the Securities Litigation and Enforcement Group on LinkedInGrayscale Chief Legal Officer: A Spot Bitcoin ETF Will Protect U.S. Investors, Consumers
Should the court rule in Grayscale’s favor there are several possible things that could happen next, according to Salm. “The commission could approve GBTC as a spot bitcoin ETF” as well as approve those spot ETFs from other companies that have been similarly rejected by the SEC. “We think that’s really the right position,” he […]
US court questions SEC’s rejection of Grayscale’s bitcoin fund proposal | Reuters
U.S. federal appellate court judges questioned on Tuesday whether the U.S. Securities and Exchange Commission (SEC) was correct to reject Grayscale Investment’s application for a spot bitcoin exchange-traded fund, since the agency had previously approved bitcoin futures products. The SEC rejected Grayscale Investment LLC’s application to convert its flagship spot Grayscale Bitcoin Trust into an […]
Risk of Widespread Bitcoin Investing at Heart of Grayscale-SEC Legal Fight – Bloomberg
Grayscale wants to convert its $14 billion Bitcoin Trust, the largest investment vehicle tied to the No. 1 cryptocurrency, into an exchange-traded fund. But the Securities and Exchange Commission rejected the plan in June, saying cryptocurrency markets are too ripe for fraud and manipulation. Grayscale sued, asking a federal appeals court to overturn a decision […]
Grayscale and SEC Face Off in Court With a 46% Discount at Stake
The crypto world’s eyes will once again turn to Washington on Tuesday as oral arguments begin in Grayscale Investments’s lawsuit against the US Securities and Exchange Commission. The drama centers on the $14.8 billion Grayscale Bitcoin Trust (ticker GBTC), which has for two years been trading at a steep discount to the cryptocurrency it holds. […]
Grayscale to Argue SEC’s Inconsistency as Bitcoin ETF Dispute Heads Toward Court
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 […]
If Grayscale’s Bitcoin ETF Dreams Fail, Firm May Try a Tender Offer, CEO Says – WSJ
Grayscale Investments said the firm would explore new options to return a portion of the Grayscale Bitcoin Trust’s capital to shareholders if it fails to transform the world’s largest bitcoin fund into an exchange-traded fund. These options could include a tender offer for up to 20% of the outstanding shares of the $10.7 billion trust, […]
SEC Strikes Back in Grayscale Suit Over GBTC ETF Conversion
In its lawsuit, Grayscale pointed to the SEC’s approval of several bitcoin futures ETFs to argue that greenlighting one type (futures ETFs) of instrument while rejecting the other (spot, or bitcoin-holding ETFs) was arbitrary, and thus a violation of the Administrative Procedure Act (APA). The SEC pushed back in its filing, arguing that “the two […]
Keeping Track of Crypto Is Hard – Bloomberg
One thing that I will say is that, while crypto in theory is supposed to avoid the need to trust centralized intermediaries, in practice there is a huge market for trusted central intermediaries in crypto. It is just sort of a diverse market; there are many flavors of trust, with different people looking trustworthy in […]
Grayscale’s Bitcoin Case Gets Support From View Of Capricious SEC
The friend-of-the-court brief, signed by former U.S. regulatory officials, points out that the SEC is fine with ETFs based on a futures index that has an almost perfect correlation with a gauge based on spot prices. The SEC has based its opposition to spot-based ETFs on their vulnerability to fraud and manipulation, but the evidence […]
Coinbase Piles On Support for Grayscale’s EFT by Filing Amicus Brief in Effort to Reverse SEC’s Rejection
Coinbase filed an amicus brief supporting a Grayscale Investments lawsuit against the Securities and Exchange Commission (SEC) for rejecting the firm’s proposal for a spot bitcoin (BTC) exchange-traded fund, adding to one filed Tuesday by three trade groups representing a wide swath of the crypto industry supporting the lawsuit. In the brief submitted Tuesday to […]