{"id":526139,"date":"2022-12-13T13:45:00","date_gmt":"2022-12-13T10:45:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sec-looks-to-intercept-grayscale-bitcoin-etf-review-bid\/"},"modified":"2022-12-13T13:45:00","modified_gmt":"2022-12-13T10:45:00","slug":"sec-looks-to-intercept-grayscale-bitcoin-etf-review-bid","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sec-looks-to-intercept-grayscale-bitcoin-etf-review-bid\/","title":{"rendered":"# SEC looks to intercept Grayscale Bitcoin ETF review bid"},"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-6a326cdb1dcf7\" 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-6a326cdb1dcf7\" 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\/sec-looks-to-intercept-grayscale-bitcoin-etf-review-bid\/#%E2%80%9D_SEC_looks_to_intercept_Grayscale_Bitcoin_ETF_review_bid_%E2%80%9C\" >&#8221; SEC looks to intercept Grayscale Bitcoin ETF review bid  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_SEC_looks_to_intercept_Grayscale_Bitcoin_ETF_review_bid_%E2%80%9C\"><\/span>&#8221; SEC looks to intercept Grayscale Bitcoin ETF review bid  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvMDllMDI0ZTYtYTI4OS00MTQ4LWI4MDgtOTI1OWY1NTA1ODRjLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-30a6cf80>The United States Securities and Exchange Commission (SEC) is taking further steps to stop Grayscale Investments\u2019 efforts to launch a Bitcoin (BTC) exchange-traded fund (ETF). Grayscale began its legal challenge of the SEC\u2019s denial order of the proposed investment product in June 2022.<\/p>\n<p>A 73-page brief filed with the U.S. Court of <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>eals for the District of Columbia Circuit on Dec. 9 saw the SEC lay out the reasoning for its initial decision to bar Grayscale\u2019s request to convert its existing Bitcoin Trust into a spot Bitcoin ETF.<\/p>\n<p>The SEC is looking for the D.C. Circuit to deny Grayscale\u2019s appeal, which claims the proposed fund is inherently different from futures ETFs it has approved in the past.<\/p>\n<p>Grayscale argues that the SEC&#8217;s disapproval order violated the Administrative Procedure Act, the guidelines through which American federal agencies develop and issue regulations. The investment fund cited previous approvals by the SEC to list and trade Bitcoin futures contracts.<\/p>\n<p><strong><em>Related: Grayscale fires first salvo in case against SEC over Bitcoin ETF refusal<\/em><\/strong><\/p>\n<p>The SEC had contested this point, noting that previously approved products only contained futures contracts that trade on the Chicago Mercantile Exchange (CME). The exchange is a registrar of the Commodity Futures Trading Commission (CFTC) and operates under \u201crobust surveillance,\u201d according to the SEC.<\/p>\n<p>The regulatory body believes the Bitcoin spot market is fragmented and unregulated in comparison to other investment vehicles. It also argues that Grayscale failed to provide a supportive argument that the CME\u2019s surveillance of futures trading would \u201csufficiently detect and deter fraud and manipulation targeting the Bitcoin spot market.\u201d<\/p>\n<p>Meanwhile, Grayscale maintains the SEC has failed to justify its different treatment of Bitcoin futures and spot Bitcoin exchange-traded products. The fund argues these products track BTC\u2019s price more directly and has labeled the regulator&#8217;s denial order as discriminatory and harmful to investors.<\/p>\n<p>The Grayscale Bitcoin Trust has been operating since 2013 and offers accredited investors shares in the fund. The fund invests in BTC, giving investors exposure to the cryptocurrency in the form of a security, without having to directly acquire, manage and store BTC.<\/p>\n<p>Grayscale has been looking to convert the fund into an ETF since 2016. It reiterated its reasoning behind the move in the launch of its legal tussle with the SEC, saying the ETF would give wider access to BTC and enhance investor protection.<\/p>\n<p><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\/sec-looks-to-intercept-grayscale-bitcoin-etf-review-bid\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; SEC looks to intercept Grayscale Bitcoin ETF review bid &#8220; The United States Securities and Exchange Commission (SEC) is taking further steps to stop Grayscale Investments\u2019 efforts to launch a Bitcoin (BTC) exchange-traded fund (ETF). Grayscale began its legal challenge of the SEC\u2019s denial order of the proposed investment product in June 2022. A&#8230;<\/p>\n","protected":false},"author":1,"featured_media":526140,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/09e024e6-a289-4148-b808-9259f550584c.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75849,76550,74898,55229,70934,72287],"class_list":["post-526139","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-etf","tag-grayscale","tag-sec","tag-law","tag-regulation","tag-security"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/526139","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=526139"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/526139\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/526140"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=526139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=526139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=526139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}