Summary: The opening brief by Grayscale in a lawsuit against the U.S. Securities and Exchange Commission called the regulator’s decision “capricious” and “discriminatory”. Gary Gensler’s federal agency rejected the digital asset manager’s application to convert its $12 billion Bitcoin spot trust into a Bitcoin exchange-traded fund. The switch in fund structure could help stem the rising GBTC discount, returning the fund’s BTC offering to “net asset value”. The SEC cited fraud risks and market manipulation as the primary reasons for […]
