Ready for anything for your ETF – Grayscale is preparing for a lengthy legal process in connection with its proposedBitcoin ETFs. While the District of Columbia Court of Appeals is studying the case, the CEO of the company is mounting pressure in the media. If the answer is no, the company will go to the Supreme Court to assert her rights which she considers violated. But the context is not at all favorable to Grayscale. Society is, in fact, caught between two heavy fires: the course of bitcoin and affairs regarding its parent company.
The SEC does not want this Bitcoin ETF
It probably is one of the most watched soap operas in the crypto ecosystem with the case between the SEC and Ripple. The American regulator is definitely in the oven and in the mill! And his decisions could sustainably change the industry one way or the other. In the case that concerns us today, the SEC must give, or not, his agreement for the launch of a so-called spot Bitcoin ETF. That is to say, which is based on an underlying of real bitcoins.
However, until now, the SEC has only authorized AND F based on derivative products, in this case futures contracts denominated in dollars. But the CEO of Grayscale, Michael Sonnenshein, does not intend to stop there and takes the lead. Although a decision of the court is expected for the month of June, he anticipates a refusal and declares his intentions in the press.
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Grayscale ready to go to U.S. Supreme Court
“The only option the SEC gave us was to turn around (…) and that’s just not fair. Suing the Regulator was one of the most important decisions I made as CEO and no one on the team took it lightly. However, I am confident that the court will rule in favor of the company. »
In June, the SEC had already denied the company’s request. The reason was that the company did not respect the texts in force. More precisely, ” the proposal did not meet standards designed to prevent fraudulent practices and protect investors “, according to the regulator. For the moment, it is the Court of Appeals of the District of Columbia which studies the file. But in the event that one of the parties appealed, it would be the Supreme Court that would take up the case. But it could also be a committee of judges who would be called upon to decide before the highest American court. In any case, it will depend on the decision of the two parties to appeal or not. Next step, the pleadings of March 7.
Finally, to finish on the subject, it should be kept in mind that Grayscale is a subsidiary of Digital Currency Group (DCG). As Genesis currently bankrupt. And the complicated situation of this company could obviously affect the rest of the company. And this, despite the reassuring statements of Michael Sonnenshein. Moreover, the media Coindesk could also be a collateral victim of the setbacks of the DCG group.
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