Grayscale Vs US Regulator Lawsuit's Ruling On Crypto Within A Year: CEO
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Grayscale Investments' lawsuit against the US Securities and Exchange Commission will likely be decided within a year, the company's CEO said.
Grayscale Investments' lawsuit against the US Securities and Exchange Commission for nixing the digital asset manager's proposal to create a spot bitcoin exchange-traded fund will likely be decided within a year, the company's chief executive officer said on Thursday.
The regulator ruled late Wednesday that the proposal did not meet standards designed to prevent fraudulent practices and protect investors.
Grayscale wants to convert its Grayscale Bitcoin Trust, the world's largest bitcoin fund, into an ETF for listing on Intercontinental Exchange Inc's NYSE Arca exchange.
The SEC rejected over a dozen spot bitcoin ETF applications in the past year, and approved several bitcoin futures-based ETFs. The rejections have focused on applicants' lack of surveillance-sharing agreements with regulated markets relating to the spot funds' underlying assets.
