Widespread support poured in as Grayscale battles the SEC in court to bring the first exchange-traded spot bitcoin fund to the US market.
Grayscale’s lawsuit against the SEC has started gaining traction as prominent names from the crypto industry rallied behind the asset manager. The latest one to chime in is Coinbase.an amicus brief backing Grayscale Investment’s lawsuit against the United States Securities and Exchange Commission for disapproving the company’s proposal for a spot Bitcoin ETF application earlier this year.
The groups also stated that continuing to deny proposals for listing spot Bitcoin ETPs ignores the exchanges’ existing fraud surveillance apparatus, in addition to the “robust anti-fraud and antimanipulation” features of the spot Bitcoin ETPs, including unique features of the Grayscale Trust.“Categorically” denying those proposals is “inconsistent” with the SEC’s treatment of similar products, and such a move contradicts the agency’s regulatory and policy imperatives, the filing said.
The group said that the SEC’s “thumb on scale” approach does not withstand scrutiny while adding that the commission has allowed similar and riskier products to enter the market and barred spot Bitcoin ETPs even as these products are “ideally suited” for investors who desire exposure to the flagship cryptocurrency.that over 11,000 letters were received by the SEC in support of Grayscale’s plan to convert its Grayscale Bitcoin Trust into an ETF.
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