.Grayscale’s opening legal brief in its lawsuit against the SECGov calls the regulator’s decision to reject its spot ETF “arbitrary, capricious, and discriminatory.” cheyenneligon reports
WisdomTree's latest application was rejected the same day Grayscale filed its brief.
While the agency has repeatedly rejected bitcoin spot ETF applications, it has approved several bitcoin futures ETFs, making a distinction between the offerings that Grayscale’s lawyers say is “arbitrary” and “outside the Commission’s authority.” In the brief, the attorneys argue that, because Bitcoin futures and spot Bitcoin both generate their price based on overlapping indices, the spot price of Bitcoin in both spot and futures ETFs are subject to the same risks – and therefore, approving one and denying another is unfair.applied without favoritism for one type of product or another,” said Craig Salm, Grayscale’s Chief Legal Officer, in a press statement.
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