Legal Battle with SEC over Bitcoin ETF Looming for Grayscale
Grayscale is preparing for a legal battle in the event that Grayscale’s Bitcoin Spot exchange-traded fund (ETF) will be denied by the United States Securities and Exchange Commission (SEC).
CEO Michael Sonnenshein told Bloomberg on Tuesday about possible actions when he was asked if he would opt for the Administrative Procedure Act (APA) lawsuit option should the application for its Bitcoin Spot ETF be snubbed by the financial regulator.
Highlighting the importance of continuing to advocate for investors. Sonnensheim responded:
“I think all options are on the table.”
The CEO added:
“The Grayscale team has been putting the full resources of our firm behind converting GBTC, our flagship fund, into an ETF. It’s really important that investors know that we have and will continue to advocate for them.”
Grayscale’s Spot ETF application was originally filed in October 2021, when it announced it wants to convert its Bitcoin Trust to a Bitcoin (BTC)-settled ETF.
The SEC has twice postponed its decision on the Grayscale product in December and February with a final verdict coming up on July 6, 2022.
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Source: igaming
