{"id":468988,"date":"2022-06-30T04:14:39","date_gmt":"2022-06-30T01:14:39","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/breaking-grayscale-launches-legal-challenge-to-bitcoin-spot-etf-rejection\/"},"modified":"2022-06-30T04:14:39","modified_gmt":"2022-06-30T01:14:39","slug":"breaking-grayscale-launches-legal-challenge-to-bitcoin-spot-etf-rejection","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/breaking-grayscale-launches-legal-challenge-to-bitcoin-spot-etf-rejection\/","title":{"rendered":"# BREAKING: Grayscale launches legal challenge to Bitcoin spot ETF rejection"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3e21d96bf26\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3e21d96bf26\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/breaking-grayscale-launches-legal-challenge-to-bitcoin-spot-etf-rejection\/#%E2%80%9D_BREAKING_Grayscale_launches_legal_challenge_to_Bitcoin_spot_ETF_rejection_%E2%80%9C\" >&#8221; BREAKING: Grayscale launches legal challenge to Bitcoin spot ETF rejection &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_BREAKING_Grayscale_launches_legal_challenge_to_Bitcoin_spot_ETF_rejection_%E2%80%9C\"><\/span>&#8221; BREAKING: Grayscale launches legal challenge to Bitcoin spot ETF rejection &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvMWNjY2Y2ZTctNGU3OS00MTRlLTkyOGMtMTAzZjg0OTEyMTBkLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Grayscale has announced a legal challenge to the latest rejection of its <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lication to convert the Grayscale Bitcoin Trust (GBTC) into a spot-based Bitcoin exchange-traded  fund (ETF) by the Securities and Exchange Commission.<\/p>\n<p>It announced that its Senior Legal Strategist, former U.S. Solicitor <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a>, and partner at Munger, Tolles &amp; Olson, Donald B. Verrilli, Jr. had filed a petition for review with the United States Court of Appeals for the District of Columbia Circuit.<\/p>\n<p>According to a filing from the securities regulator on June 29, the application was disapproved \u201cto protect investors and the public interest\u201d because the proposal failed to demonstrate how it is \u201cdesigned to prevent fraudulent and manipulative acts and practices.\u201d<\/p>\n<p>A similar decision was also made on Wednesday regarding Bitwise\u2019s Bitcoin exchange-traded product (ETP) citing the same reasons. <\/p>\n<p>Grayscale Investments, which has $12.92 billion of assets under management in its GBTC had been waiting on a decision from the SEC to convert its flagship Bitcoin trust into a spot-based ETF since filing its application to the regulator on October 19, 2021. <\/p>\n<p>The decision comes out a full week before the July 6 deadline.<\/p>\n<p>Earlier this month, Grayscale announced it had hired a former U.S. Solicitor General Donald B. Verrilli Jr. in preparation for a potential legal spat with the SEC over its application should it be rejected. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Grayscale reports 99% of SEC comment letters support spot Bitcoin ETF<\/em><\/strong><\/p>\n<p>Other attorneys in Grayscale\u2019s legal line-up include attorneys at Davis Polk &amp; Wardwell LLP and its in-house counsel, including Craig Salm, who serves as chief legal officer.<\/p>\n<p>In March, Grayscale CEO Michael Sonnenshein told Bloomberg that his firm would consider a lawsuit under the Administrative Procedure Act (APA) should the application for its Bitcoin Spot ETF be denied by the financial regulator.<\/p>\n<p>On Wednesday, James Seyffart, an ETF analyst at Bloomberg Intelligence told his 19,400 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> followers that the SEC decision on both ETFs came earlier than he thought, but were both expected.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Wellp. There it is. Certainly earlier than I expected but the decision was as expected. BOTH <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Grayscale?ref_src=twsrc%5Etfw\">@Grayscale<\/a>&#8216;s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$GBTC<\/a> and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BitwiseInvest?ref_src=twsrc%5Etfw\">@BitwiseInvest<\/a>&#8216;s spot <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> ETF were &#8220;Disapproved&#8221; by the SEC today. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/9w8ouQuSfk\">https:\/\/t.co\/9w8ouQuSfk<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Irrrwznr5T\">pic.twitter.com\/Irrrwznr5T<\/a><\/p>\n<p>\u2014 James Seyffart (@JSeyff) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/JSeyff\/status\/1542303738429411329?ref_src=twsrc%5Etfw\">June 30, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/breaking-grayscale-launches-legal-challenge-to-bitcoin-spot-etf-rejection\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; BREAKING: Grayscale launches legal challenge to Bitcoin spot ETF rejection &#8220; Grayscale has announced a legal challenge to the latest rejection of its application to convert the Grayscale Bitcoin Trust (GBTC) into a spot-based Bitcoin exchange-traded fund (ETF) by the Securities and Exchange Commission. It announced that its Senior Legal Strategist, former U.S. Solicitor&#8230;<\/p>\n","protected":false},"author":1,"featured_media":468989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvMWNjY2Y2ZTctNGU3OS00MTRlLTkyOGMtMTAzZjg0OTEyMTBkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,80178,76550,74898,70934],"class_list":["post-468988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-investment-trust","tag-grayscale","tag-sec","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/468988","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=468988"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/468988\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/468989"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=468988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=468988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=468988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}