Four blockchain advocacy groups have filed amici curiae in support of Grayscale's spot Bitcoin ETF lawsuit against the Securities and Exchange Commission (SEC).<\/p>\n
The Blockchain Association, Chamber of Digital Commerce, Chamber of Progress, and Coin Center were named as parties to the amici curiae<\/a> filed before the U.S. District Court on Oct. 18.<\/p>\n 1\/ Today we filed an amicus brief supporting @Grayscale<\/a> in its suit against the SEC for rejecting its spot Bitcoin ETP application.<\/p>\n We're proud to take this momentous step supporting the crypto industry to provide American consumers greater access to these innovative products. pic.twitter.com\/YTMxm432oG<\/a><\/p>\n \u2014 Blockchain Association (@BlockchainAssn) October 18, 2022<\/a>\u00a0<\/span><\/p><\/blockquote>\n The\u00a0 SEC had rejected Grayscale's application to convert its Bitcoin Trust (GBTC) into a spot Bitcoin ETF, citing market manipulation concerns.<\/p>\n The advocacy groups said the SEC's refusal to approve a spot Bitcoin ETF limits investors' choice. They argued that several Americans were eager to own investment products that offer exposure to Bitcoin without purchasing the underlying asset.<\/p>\n The SEC was accused of applying discriminating standards in its evaluation of spot and futures Bitcoin ETFs. The SEC has approved several futures ETFs but denied multiple spot ETF applications.<\/p>\n As a result, the group claims the SEC\u00a0 violated the Administrative Procedures Act that mandates the regulator not to discriminate against securities issuers.<\/p>\n The group argued that spot ETFs are considerably safer and more stable than futures ETFs. Moreover, spot ETFs and futures ETFs all drive their value from the underlying Bitcoin market.<\/p>\n The advocacy groups have called on the SEC to reconsider its action and approve Grayscale's spot Bitcoin ETF.<\/p>\n Grayscale filed<\/a> a lawsuit against the SEC on Oct. 12, claiming that its approval of Bitcoin Futures ETFs without a spot ETF was discriminatory.<\/p>\n Grayscale CEO Michael Sonnenshein said that the investment firm will fight to win, as it considers the SEC's action as flawed.<\/p>\n Digital Currency Group CEO Barry Silbert added that it was time for the SEC to approve the GBTC spot Bitcoin ETF.<\/p>\n Yes, over 850,000 Americans own $GBTC<\/a>. It is time for the SEC to approve a spot-based bitcoin ETF https:\/\/t.co\/aFh00bX9QR<\/a><\/p>\n\n
Grayscale relentless to get approval<\/h2>\n
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