SEC and Grayscale discuss a Bitcoin ETF in court in March

SEC and Grayscale discuss a Bitcoin ETF in court in March

The world's largest digital asset manager-Grayscale-reports on March 7, on March 7, to present his arguments in court regarding the possible introduction of a Bitcoin ETF in the USA.

The United States Securities and Exchange Commission (Sec) will argue against it.

The lawsuit comes closer

Grayscale has repeatedly expressed his intention to introduce a stock market-traded fund (ETF) that reproduces the performance of Bitcoin in the United States, but so far without success. The S rejected The market launch of the product in June last year and doubled its decision a few months later.

Craig Salm-Chief Legal Officer from Grayscale-in 2021 claimed that the SEC may have a "clear vision" of ETFs, but should take on an "reasonable probability" on this matter. CEO Michael Sonnenschein went even further to sue the supervisory authority to sue the supervisory authority because it rejected the company's initiative.

According to the latest Cover , the Court of District of Columbia ordered to meet on March 7th. Greyscale beforehand expects Start of the legal dispute in the second quarter of 2023.

The digital asset manager pursued his goal according to the sec approved bitcoin-futures-assistant ETF (named mentioned (named Bito) in October 2021.

The numerous crashes in the cryptocurrency industry last year have had a negative impact on Grayscale. In contrast to some stock exchanges that created after the FTX case Proof-of-Reserves, it has been rejected for safety reasons. The company also indicated that its deposit partner-coinbase-conducts regular on-chain validations:

"For security reasons, we do not make such on-chain wallet information and confirmation data publicly accessible via a cryptographic proof-reserve or another advanced cryptographic billing process."

There have been concerns that Grayscale could be exposed to additional difficulties, since it is under the roof of the battered Digital Currency Group (DCG). One of their subsidiaries-Genesis- Submitted Already for insolvency protection.

More success in Europe

In contrast to his problems with the American regulatory authority, Grayscale introduced a crypto ETF on the European market last summer. The product that depicts the "Bloomberg Grayscale Future of Finance Index" consists of a number of companies in the sector, including stock exchanges, miners, brokers, asset managers and technology companies.

The listing on the London Stock Exchange, the German Stock Exchange Xetra and the Italian Borsa Italiana made the company the first American digital asset manager, which laying on such a fund on the old continent.

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