Grayscale Files Lawsuit Against SEC

Grayscale files lawsuit against SEC after getting its spot BTC ETF application rejected.

The investment firm Grayscale has filed a lawsuit against the US regulatory board SEC.

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The firm took this action after SEC rejected their spot Bitcoin ETF application recently.

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Grayscale claims that SEC is violating the Administrative Procedure Act and Securities Exchange Act of 1934 by rejecting its application.

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Back in April, the investment firm launched a campaign to get the public view on the Bitcoin ETF for SEC’s approval.

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The campaign had brought 11,400 total submissions to SEC with 99% of positive responses.

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Grayscale submitted its first application in 2016 but had to withdraw due to disagreement with SEC.

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The regulatory board believes that the market of crypto is not mature enough to have a spot Bitcoin ETF yet.

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