The Spot-Bitcoin-ETF proposed by Grayscale does not meet the required standard to prevent fraud and manipulation, said the SEC The asset managers have asked a US profession to review the decision of the SEC's largest digital asset manager, the US stock exchange supervisory authority, shortly after the authority on Wednesday the authority to convert its Flagship bitcoin trust had rejected in a stock market-traded fund (ETF). "We are deeply disappointed with his decision and do not agree with her," said Grayscale investments in a statement statement published on his website. The SEC also rejected Bitwise for a spot bitcoin ETF on the same day. In a judgment on Wednesday ...
Grayscale is suing SEC for rejection of the proposed Spot-Bitcoin ETF
The Spot-Bitcoin-ETF proposed by Grayscale does not meet the required standard to prevent fraud and manipulation, said the SEC
The asset manager asked a US Court of Appeal to check the decision of the SEC
One of the world's largest digital asset managers sued the US stock exchange supervisory authority SEC, shortly after the authority had rejected its application for conversion of its flagship bitcoin trust on Wednesday.
"> rejected application from Bitwise for a spot-bit-etf on the same day.
in a "> judgment on Wednesday rejected the SEC the proposal from grayscale Nyse Arca exchange. The proposed ETF does not correspond to the standard that prevent fraudulent and manipulative practices and to protect investors and the public interest, said the regulatory authority.
grayscale contested the decision of the SEC and asked the US Court of Appeal for the District of Columbia Circuit to check the decision of the Sec, according to A Application for review on Wednesday.
The identification of possible manipulation sources on the spot market by the SEC includes people with a dominant position at Bitcoin who try to manipulate the price, hacks on trading platforms and the "alleged" role of Tether as a stable coin in the wider ecosystem.
The rejection of the product is not based on the "Evaluation as to whether Bitcoin or blockchain technology is generally useful or valuable as an innovation or investment, added the SEC.
Grayscale initially submitted his application in October 2021 when the first ETF based on Bitcoin futures received approval for trading on the New York stock exchange. Proshares, Valkyrie and Vaneck were the first on the market.
A futures-based ETF enables an investor to buy or sell Bitcoin at a predetermined price instead of pursuing the spot price of the underlying assets.
A decision about the Spot-based ETF from Grayscale was held back because the supervisory authority had requested additional statements from the public. More than 11,400 statements have been submitted to the SEC since November, and 99 % supported Grayscale's application, according to the asset manager.
In March, the asset manager threatened with legal steps against the SEC, should it continue to ban a spot crypto ETF. In June, the law firm tried to strengthen their legal team by hiring the former US general attorney Donald B. Retrilli, Jr. as a leading legal strategist.
"The SEC fails to treat similar investment vehicles uniformly and therefore act arbitrarily and moody and violate the Administrative Procedure Act and the 1934 Securities Corporation Act, said Ränlli in A
Now it is expected that the asset manager argues that the SEC Bitcoin-based ETF products must treat them fairly. Bitcoin fell by more than 37 % last month. The guiding object fell under $ 20,000 on Wednesday, before it recovered slightly to 20,074 $ until the editorial deadline, Blocks-forschung Data.
. .
The contribution Grayscale sues SEC for rejection of the proposed Spot-Bitcoin ETF is not a financial advice.
Suche
Mein Konto
