{"id":13088,"date":"2022-07-01T00:14:53","date_gmt":"2022-07-01T00:14:53","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/grayscales-spot-bitcoin-etf-rejected-lawsuit-initiated\/"},"modified":"2022-07-01T00:14:53","modified_gmt":"2022-07-01T00:14:53","slug":"grayscales-spot-bitcoin-etf-rejected-lawsuit-initiated","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/grayscales-spot-bitcoin-etf-rejected-lawsuit-initiated\/","title":{"rendered":"Grayscale\u2019s Spot Bitcoin ETF Rejected, Lawsuit Initiated"},"content":{"rendered":"<p><b>(Originally posted on : Crypto News &#8211; iGaming.org )<\/b><br \/>\n<\/p>\n<div>\n<p>On Wednesday the SEC denied Grayscale Investments\u2019 application to convert its $13.5 billion Grayscale Bitcoin Trust (GBTC) into a spot-based bitcoin ETF<\/p>\n<p>The SEC cited failure to address immediate concerns such as market manipulation in its\u00a0filing to dismiss a first Bitcoin ETF.<\/p>\n<p>The SEC also rejected Bitwise\u2019s application for approval of a spot bitcoin ETF.<\/p>\n<p>A decision on Grayscale\u2019s application was <a href=\"https:\/\/igaming.org\/crypto\/sec-again-pushes-back-decision-on-grayscale-bitcoin-etf\/\">delayed<\/a> multiple times as the SEC requested additional information and comment from the public. The regulator\u2019s verdict came a week before the July 6 deadline. Grayscale initially\u00a0filed its application in October of 2021.<\/p>\n<p>Although the odds were not in favor of an approval, with the SEC consistently having snubbed all applications presented so far, the latest denial is still a blow not only to Grayscale, but for the entire crypto industry.<\/p>\n<p>All eyes are now on Grayscale on what its next steps might be. CEO Michael Sonnenshein\u00a0said on June 27\u00a0that his firm considers <a href=\"https:\/\/igaming.org\/crypto\/legal-battle-with-sec-over-bitcoin-etf-looming-for-grayscale\/\">taking the US regulator to court<\/a> should the application be denied. The firm recently brought a <a href=\"https:\/\/igaming.org\/crypto\/top-obama-administration-lawyer-joins-grayscale-ahead-of-etf-decision\/\">top Obama administration lawyer<\/a> on board.<\/p>\n<p>Grayscale announced <a href=\"https:\/\/twitter.com\/Grayscale\/status\/1542317224735670280\">announced on Twitter<\/a> that it is<strong> contesting the SEC in court<\/strong>:<\/p>\n<blockquote>\n<p>\u201cWe fervently disagree with the SEC\u2019s decision. We are disappointed. We are prepared. We have spent months preparing for all scenarios. No realistic outcome would have been a surprise.<\/p>\n<p>Our team has filed a Petition for Review with the D.C. Circuit Court of Appeals. This document officially initiates a lawsuit contesting the SEC\u2019s decision.\u201d<\/p>\n<\/blockquote><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/igaming.org\/crypto\/grayscales-spot-bitcoin-etf-application-rejected-by-sec\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Crypto News &#8211; iGaming.org ) On Wednesday the SEC denied Grayscale Investments\u2019 application to convert its $13.5 billion Grayscale Bitcoin Trust (GBTC) into a spot-based bitcoin ETF The SEC cited failure to address immediate concerns such as market manipulation in its\u00a0filing to dismiss a first Bitcoin ETF. The SEC also rejected [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":13089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13088"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=13088"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13088\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/13089"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=13088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=13088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=13088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}