Grayscale estimates timeline for court case against the SEC

The lawsuit against the SEC, brought by Grayscale Investments, could take one to two years. This forecast was issued by the company’s Chief Legal Officer, Craig Salm.

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ICYMI: Craig Salm, Grayscale’s Chief Legal Officer, addressed some common questions we’ve heard from investors about our lawsuit challenging the SEC’s decision on $GBTC.https://t.co/1x4IwnBEb2

— Grayscale (@Grayscale) July 11, 2022

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The top executive said that Grayscale firmly believes in its arguments and is confident the court will rule in its favour.

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Grayscale Investments filed for the conversion of a digital-gold-backed trust into a spot Bitcoin ETF on 19 October 2021.

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On 17 December the SEC postponed its decision on the application, and in February it again moved to take that step.

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On 30 June, Grayscale filed suit against the regulator after its application was finally rejected.

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Earlier, the company stated that the SEC’s willingness to approve a futures-based Bitcoin ETF while rejecting applications for its spot variant could violate the Administrative Procedure Act.

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In the current filing, Salm stressed that the differences between futures- and spot-based ETFs on the first cryptocurrency have no bearing on the Commission’s decisions. Both product variants are based on the same spot bitcoin markets.

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The denial of Grayscale’s application is regarded by the company as \”unfair discrimination\”. This is not only a violation of the Administrative Procedure Act, but also the Securities Exchange Act of 1934.

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As reported by the Wall Street Journal criticised the head of the SEC, Gary Gensler, for a ‘confusing’ approach to approving a spot bitcoin ETF.

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Earlier Bloomberg analysts forecast that SEC would approve similar instruments by mid-2023. According to Eric Balchunas’s calculations, 95% of those who commented on Grayscale’s filing supported the launch of the instrument.

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Спотовые биткоин-ETF получили одобрение со стороны регуляторов Канады, Бразилии, Australia and Нидерландов.

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