Grayscale legal team: SEC’s handling method of ETF is “inconsistent”
It is reported that the legal team of Grayscale said that the way the United States Securities and Exchange Commission (SEC) handled its application for Bitcoin Exchange Trading Fund (ETF) was “inconsistent” with its earlier decision on futures ETF. Donald B. Verrilli, the representative lawyer, said: “This is only a typical case. Treat similar cases and treat them differently.”
Interpretation of this information:
In recent news reports, the legal team representing Grayscale has criticized the SEC’s approach in handling the company’s Bitcoin Exchange Trading Fund (ETF) application. According to the team, the SEC acted inconsistently with its previous decision on futures ETFs, and this has placed Grayscale at a disadvantage. The legal representative of the company, Donald B. Verrilli, spoke out against the decision of the SEC, stating that the regulatory body should have treated Grayscale’s case in the same manner as it treated similar cases in the past.
Grayscale is a leading digital currency asset manager that has been seeking approval from the SEC to launch its Bitcoin ETF. The company has been in talks with the SEC since 2013, with a lot of back-and-forth discussions, but so far, the SEC has not approved the proposal. In contrast, places like Canada have embraced Bitcoin ETFs, making Grayscale’s road to SEC approval even tougher.
The Grayscale team maintains that if the SEC had acted in accordance with its previous decisions on other cases and applied the same standard to Grayscale, the company’s chances of gaining SEC approval would be better. However, the SEC’s inconsistent approach makes it difficult for Grayscale, leaving the company with no choice but to rely on other options.
To sum up, the legal team representing Grayscale has a bone to pick with the SEC’s position regarding Bitcoin ETFs. According to them, the SEC treated Grayscale’s ETF proposal differently from other similar cases in the past, leading to an inconsistency in the SEC’s decision-making process. The legal team wants the SEC to implement a more unbiased and standardized approach so that companies like Grayscale can have a fairer chance of getting their proposals approved.
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