America’s largest cryptocurrency exchange, Coinbase, is putting its weight behind Grayscale—the world’s largest Bitcoin fund—in its legal battle with the Securities and Exchange Commission (SEC).
Grayscale is suing the federal regulator over its refusal to approve the company’s application, or any other, for a Bitcoin ETF. The fund claims the SEC is “failing to apply consistent treatment to similar investment vehicles,” as evidenced by the Commission’s willingness to approve multiple Bitcoin futures ETFs, but refusal to allow spot market ETFs to go forward.
Coinbase’s amici curiae brief, filed with the U.S. Court of Appeals for the District of Columbia on Tuesday, levied the same argument.
“Both spot and future [exchange-traded products], whether tied to Bitcoin or other commodities like gold, platinum, or palladium, create the same investment exposure for investors,” argued the exchange. “Both products are designed to track the price of the underlying commodity, Bitcoin.”
An ETF is...
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