Grayscale Investments sues the US SEC after the agency rejected its application on Wednesday to convert its flagship Grayscale Bitcoin Trust product to an ETF
The SEC rejected Grayscale's application to convert its Grayscale Bitcoin Trust to an exchange-traded fund earlier Wednesday.
CoinDesk Nikhilesh De
Related Coverage
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Discussion
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@sonnenshein
@sonnenshein
on x
We've filed a lawsuit against the SEC. $GBTC
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@smdiehl
Stephen Diehl
on x
I find this story exceedingly hilarious because investors in this GBTC trust are literally paying an exorbitant 2% in management fees just for the privilege of having the operators lose their money. Pretty good racket going on here. https://www.ft.com/...
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@bowtiedbull
@bowtiedbull
on x
Lmao good luck suing the government. Just allow redemptions and you know help your customers. Oh wait, it's just to pretend like you're trying https://twitter.com/...
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@cryptadamist
Michel de Cryptadamus
on x
🚨@Grayscale' $GBTC ETF is rejected by @SECGov. GBTC is a box of #Bitcoin that lets you trade $BTC as a stock but only the SEC has keys “gtfo w/this bullshit” - SEC (to GBTC) Billions of $ will be unavailable when needed most. backstory: https://medium.com/... https://twitter.com/…
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@bitboy_crypto
Ben Armstrong
on x
Tell me how that works out for you. I'm sure this will straighten em out. This case will drag on longer than it will take to get standard approvals. Mass approvals coming in between end of 2023 and 2025. Why waste people's money here? https://twitter.com/...
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@adam3us
Adam Back
on x
SEC rejecting GBTC ETF was expected. by GBTC lawyers, by commentators, etc me also - the point is and was to get the market rules for ETF approval applied via court. no need to panic! (though cheap sats are nice, have a wire transfer landing this morning). https://twitter.com/...
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@nategeraci
Nate Geraci
on x
Alright, let's try this again... I predict SEC will have regulatory oversight of crypto exchanges before this lawsuit is resolved. Thus, we'll have a spot bitcoin ETF before this lawsuit resolved. https://twitter.com/...
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@jenn_rosenthal
Jennifer Rosenthal
on x
Grayscale has sued the SEC “barely an hour after the regulatory agency rejected its application to convert its flagship Grayscale Bitcoin Trust product to an exchange-traded fund (ETF).” ... We were prepared for all scenarios, @nikhileshde! https://www.coindesk.com/... @coindesk