Digital asset manager Grayscale Investments has filed an opening statement with the District of Columbia Court of Appeals in a lawsuit against the US Securities and Exchange Commission (SEC).
According to the company:
“The opening statement is the first substantive document presented to the court that explains the legal basis of our arguments.”
According to Grayscale Investments, the Commission “arbitrarily” and “discriminately” considers applications for spot Bitcoin ETFs, as opposed to futures options. The SEC’s reference to non-compliance with “fraud and manipulation prevention” requirements is considered “deeply misguided” by the firm.
The statement says:
“Our application to convert trust GBTC to Bitcoin-ETF satisfies the requirements of the relevant law.”