In the wake of the Securities and Exchange Commission’s most recent bitcoin exchange-traded fund (ETF) rejection, Grayscale is pushing back on the regulator’s arguments.
Grayscale is seeking to convert its bitcoin trust, GBTC, to an ETF, and recently put the Securities and Exchange Commission on the clock in October, when NYSE Arca filed to list the product. A decision could come as early as Dec. 24, although the agency has a history of extensions. It’s already published a notice on Nov.2 seeking comments on the proposed rule change.
The SEC took a similar approach to VanEck’s offering, soliciting feedback in June of this year. The agency rejected that proposal earlier this month, making it the first to receive an answer in this wave of applications.
In light of those events, Grayscale sent a letter to the agency Monday night, arguing that the SEC’s repeated rejections could violate the Administrative Procedure Act (APA). The APA governs the decision-making process of federal agen
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