{"id":68464,"date":"2022-10-12T13:01:30","date_gmt":"2022-10-12T10:01:30","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=68464"},"modified":"2025-09-07T14:14:45","modified_gmt":"2025-09-07T11:14:45","slug":"grayscale-labels-sec-stance-on-spot-bitcoin-etfs-as-discriminatory","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/grayscale-labels-sec-stance-on-spot-bitcoin-etfs-as-discriminatory\/","title":{"rendered":"Grayscale labels SEC stance on spot Bitcoin ETFs as &#8216;discriminatory&#8217;."},"content":{"rendered":"<p>The asset-management firm Grayscale Investments has filed an <span data-descr=\"summary of the case, the party's position, and additional facts and information\" class=\"old_tooltip\">opening brief<\/span> with the U.S. Court of Appeals for the D.C. Circuit in the lawsuit against the U.S. Securities and Exchange Commission (SEC).<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">2\/ The SEC\u2019s decision back in June was disappointing, but we were prepared for all possible outcomes. That same night, we took action. We\u2019ve now reached the next milestone in the legal process. <a href=\"https:\/\/t.co\/MPO3TiytLJ\">pic.twitter.com\/MPO3TiytLJ<\/a><\/p>\n<p>\u2014 Grayscale (@Grayscale) <a href=\"https:\/\/twitter.com\/Grayscale\/status\/1579989748533411847?ref_src=twsrc%5Etfw\">October 12, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe opening brief is the first substantive document filed with the court that explains the legal basis of our arguments,\u201d the company said.<\/p>\n<\/blockquote>\n<p>Grayscale Investments contends that the Commission is \u201carbitrary\u201d and \u201cdiscriminatory\u201d in its consideration of spot <a href=\"https:\/\/forklog.news\/chto-takoe-bitkoin-etf\/\">Bitcoin ETFs<\/a> versus futures-based variants. The firm regards the SEC&#8217;s reference to the requirements for \u201cpreventing fraudulent and manipulative acts\u201d to be \u201cdeeply mistaken.\u201d<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cOur application to convert the [trust] GBTC into a Bitcoin ETF satisfies the requirements of the relevant law,\u201d the statement said.<\/p>\n<\/blockquote>\n<p>Lawyers for Grayscale Investments emphasised that the regulator&#8217;s position is inconsistent and unfair.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">8\/ Our legal team argues that there is only one reasonable conclusion to draw: that the SEC is arbitrarily treating spot <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> ETFs with \u201cspecial harshness\u201d \u2013 inconsistently and unfairly compared to other types of investment vehicles without adequate justification.<\/p>\n<p>\u2014 Grayscale (@Grayscale) <a href=\"https:\/\/twitter.com\/Grayscale\/status\/1579989757001703424?ref_src=twsrc%5Etfw\">October 12, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe Commission violated the most fundamental requirements [the Administrative Procedure Act], failing to justify its markedly different treatment of futures and spot Bitcoin ETPs,\u201d Grayscale concluded.<\/p>\n<\/blockquote>\n<p>The SEC is expected to file its response to the opening brief by November 9.<\/p>\n<p>On October 19, 2021, Grayscale <a href=\"https:\/\/u1f987.com\/en\/news\/dcg-chief-confirms-plans-to-convert-grayscales-bitcoin-trust-into-an-etf\">filed an application<\/a> to convert the Bitcoin Trust GBTC into a spot-price ETF.<\/p>\n<p>On December 17, the SEC <a href=\"https:\/\/forklog.news\/sec-perenesla-resheniya-po-zayavkam-bitwise-i-grayscale-na-zapus\u043a-bitkoin-etf\/\">delayed<\/a> a decision on Grayscale Investments&#8217; application. In February 2022, the Commission <a href=\"https:\/\/forklog.news\/sec-perenesla-reshenie-po-zayavke-grayscale-na-zapusk-spotovogo-bitkoin-etf\/\">took this step again<\/a>. On June 30, the company <a href=\"https:\/\/forklog.news\/grayscale-podala-v-sud-na-sec-iz-za-otkaza-konvertirovat-gbtc-v-etf\/\">filed suit against the regulator<\/a> after the final rejection of its filings.<\/p>\n<p>The Wall Street Journal editorial board criticized head of the agency Gary Gensler for a \u201cconfusing\u201d approach to approving spot Bitcoin ETFs.<\/p>\n<p>Also voicing condemnation of the Commission were <a href=\"https:\/\/u1f987.com\/en\/news\/mark-cuban-condemns-the-secs-approaches-to-regulating-cryptocurrencies\">billionaire Mark Cuban<\/a>, member of the U.S. House of Representatives <a href=\"https:\/\/u1f987.com\/en\/news\/u-s-congressman-accuses-the-sec-of-unethical-conduct-toward-the-crypto-industry\">Tom Emmer<\/a> and Messari founder <a href=\"https:\/\/u1f987.com\/en\/news\/messari-founder-calls-sec-stance-on-spot-bitcoin-etf-fraud\">Ryan Selkis<\/a>. According to the latter, Grayscale&#8217;s rejection is fraudulent.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 crypto news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The asset-management firm Grayscale Investments has filed an opening brief with the U.S. Court of Appeals for the D.C. Circuit in a suit against the U.S. Securities and Exchange Commission (SEC).<\/p>\n","protected":false},"author":1,"featured_media":68465,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,943,128,1211],"class_list":["post-68464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-grayscale-investments","tag-sec","tag-stock-market"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=68464"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68464\/revisions"}],"predecessor-version":[{"id":68466,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68464\/revisions\/68466"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/68465"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=68464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=68464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=68464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}