US SEC rejects Grayscale’s Bitcoin ETF over security concerns

Office of the Securities and Exchange Commission (SEC) or US SEC Reject Grayscale Investments Offer to Convert Grayscale Bitcoin Trust (GBTC) to Spot Bitcoin Exchange-Traded Fund (ETF).

The SEC announced on June 29 that the petition had not been approved. with reasons to protect investors Concerns about market regulation Tether’s role in the cryptocurrency ecosystembitcoin, and the lack of surveillance between “Major regulated market”

Michael Sonnenshein Grayscale said in a statement on Wednesday. said they They are “deeply disappointed” and “strongly disagree” with the SEC’s decision to reject their application.

The company is ready to take legal action against the SEC’s allegations of violating the Administrative Procedures Act (APA) and the Securities Exchange Act (SEA).

“Support and believe in protecting investors, maintaining fair, orderly markets. and effective and facilitating SEC fundraising, and we are very disappointed. and did not agree with the decision of The SEC refused. Bitcoin ETF into the US market,” said Michael Sonnenshein.

Donald B. Verrilli Jr., Senior Legal Strategist Former United States Attorney It said the latest decision shows the SEC’s “decision of the SEC to reject the request. arbitrary and acted arbitrarily, ignoring the reasons Grayscale had submitted.

Grayscale Investments, which has $12.92 billion in assets under management in GBTC, is awaiting a decision from the SEC to convert bitcoin to a spot ETF, it has filed a petition with the SEC. Oct. From 19 Oct. 2021

Proofread by….Suree Silawong