Grayscale sues SEC after rejection of bid to turn the largest bitcoin fund into an ETF
— Largest, Sues, Turn, Bitcoin, Fund, Rejection, Grayscale, Questions, Market, Watchdog — 1 min read
SEC rejected Grayscale's application for a spot bitcoin exchange-traded fund. The SEC cited a failure by the investment manager to answer questions about concerns around market manipulation. The watchdog is concerned investors would lack sufficient protections under the proposal. The investment manager said it would sue the U.S. Securities and Exchange Commission after regulators turned down its bid to convert the investment vehicle into an exchange-trade fund. Grayscare, which manages the world's largest bitcoin fund, has said it will sue the SEC over the decision. The ruling faced multiple delays. Grayingcale filed to make its Bitcoin Trust, known as GBTC, an ETF back in October 2021, but the ruling faced several delays. The decision was delayed by several months. Source