Grayscale sues SEC after its bid for a spot bitcoin ETF is rejected

Grayscale Investments sued the U.S. Securities and Exchange Commission on Wednesday, shortly after the regulator rejected its bid to list the first spot bitcoin exchange-traded fund.

“We are deeply disappointed by and do not agree with its decision,” Grayscale said in a statement, calling the SEC’s rulings “arbitrary and capricious.” “The SEC is failing to apply consistent treatment to bitcoin investment vehicles as evidenced by its denial of GBTC’s application for conversion to a spot ETF, but approval of several bitcoin futures ETFs,” Grayscale said. “If regulators are comfortable with ETFs that hold derivatives of a given asset, they should logically be comfortable with ETFs that hold that same asset.”

Maybe the SEC consider Grayscale’s 2% annual fee a theft. So, they protect the general public by forcing them to stack Bitcoin by themselves. Forget the ETFs. It's way cheaper buying a ledger nano and own your coins.

Lmfao 😂

Very Capricious indeed

Oh no !!!

Kramer said the same thing when nyuniversity was trying to take away his intern, Darren, on an episode of SeinfeldTV. seinlanguage

SEC is just protecting people from a ponzi scheme…

Hahaha. Fukin cry babies 😂 awwww... There's no more dumb money in crypto and they are trying to save a sinking ship ☠️ poor moon babies 🤱🍼

Reminded of Kramer at NYU intern termination meeting

Grayscale is shady, why aren't they suing to have all the funds go to spot. The Ether fund Negative Premium is 38%, ever other fund significantly devalued.

Wah wah wah. We NOW cannot run our beautiful Planned PONZI scheme.

The SEC should have approved it many other countries have Bitcoin ETFs and it's time for America to have one too.

Cryptocurrency is a very bad thing.

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