Grayscale Investments suing SEC after its Bitcoin ETF rejected

[superadmin]

(June 30): Grayscale Investments said it had sued the US Securities and Exchange Commission after the agency rejected a bid to convert its Bitcoin trust into an exchange-traded fund.

Chief Executive Officer Michael Sonnenshein tweeted that Grayscale was suing the regulator and the company said it had filed a lawsuit in US Court of Appeals for the D.C. Circuit.

The SEC on Wednesday denied the company’s application to convert its Grayscale Bitcoin Trust into the first ETF based on the world’s biggest cryptocurrency. The regulator found that the plan by NYSE Arca to list the product didn’t do enough to prevent fraud and manipulation.

The SEC didn’t immediately respond to an emailed request for comment sent after normal business hours.

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