World’s largest bitcoin fund slams the SEC, sues over crypto ETF rejection
— Hold, Ultimately develop regulatory frameworks, Exact market, Futures, Research said, Rejection, Disprove time, Based etfs, Grayscale bitcoin trust, Time — 1 min read
Grayscale Bitcoin Trust is the world's biggest publicly traded bitcoin fund. The SEC denied the company's application to convert its bitcoin trust to a spot-based exchange-traded fund last week. The company filed a lawsuit the same day. CEO Michael Sonnenshein hopes to repair cryptocurrency regulation in the U.S. Markets in Canada, Brazil and parts of Europe show promise for spot bitcoin ETFs, he says. The commission made a distinction between futures- and spot based products, citing the regulations tied to bitcoin futures-based ETFs. The SEC declined to provide comment beyond its order denying grayscale's application. The company hopes to work proactively with the SEC and other regulators to develop regulatory frameworks that create consistent treatment. Source