The deadline for SEC's reponse is November 9th.
its opening brief against the US Securities Exchange Commission to challenge its decision to deny the application to convert the Grayscale Bitcoin Trust to a spot Bitcoin ETF.“That stark arbitrariness cannot be justified or reconciled with the Commission’s mandate to treat like cases alike. Rather, it can be only understood as a substantive judgment on the merits of a spot Bitcoin investment – the kind of substantive judgment that is outside the Commission’s authority.
Grayscale believes the SEC’s assessment for the same is “arbitrary, capricious, and discriminatory.” It further said the Commission treats Bitcoin futures exchange-traded products differently than the spot ones but has failed to provide an adequate justification for the same. Craig Salm, Grayscale’s Chief Legal Office, slammed the SEC by pointing out that the Administrative Procedure Act and Exchange Act require rules and regulations to be applied without “favoritism” for one type of product or another.
Grayscale sued the SEC on June 29th and filed for the US Court of Appeals for the District of Columbia Circuit to review the agency’s decision for denying the conversion of GBTC into an ETF for listing on Intercontinental Exchange Inc’s NYSE Arca exchange. The lawyers of the asset manager argue that the SEC offered no “coherent explanation” for approving the one and rejecting the other when both Bitcoin futures and spot Bitcoin generate their price based on overlapping indices and therefore are subject to the same risks.
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