One of the biggest bitcoin (BTC) and crypto investment companies, US-based Grayscale Investments, sued US Securities and Exchange Commission (SEC) after it rejected its application to convert the Grayscale Bitcoin Trust (GBTC), the world's largest BTC fund, to a spot exchange-trading fund (ETF).
"It is the SEC’s arbitrary and capricious actions and discriminatory treatment of issuers that necessitates elevating this matter to the courts in the best interest of GBTC and our investors," the company said.
According to them, the market watchdog is failing to apply consistent treatment to BTC investment vehicles as evidenced by its denial of GBTC’s application for conversion to a spot ETF, but approval of several BTC futures ETFs.
"If regulators are comfortable with ETFs that hold derivatives of a given asset, they should logically be comfortable with ETFs that hold that same asset," they added.
Meanwhile, the SEC still claims that the GBTC conversion would not prevent fraudulent and...
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