{"id":29441,"date":"2022-06-09T12:13:39","date_gmt":"2022-06-09T16:13:39","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=29441"},"modified":"2024-07-28T07:37:10","modified_gmt":"2024-07-28T11:37:10","slug":"grayscale-likely-to-sue-sec-if-application-for-spot-bitcoin-etf-is-denied","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/grayscale-likely-to-sue-sec-if-application-for-spot-bitcoin-etf-is-denied\/","title":{"rendered":"Grayscale likely to sue SEC if application for spot Bitcoin ETF Is Denied"},"content":{"rendered":"\n<p><a href=\"https:\/\/coinscreed.com\/staging\/grayscale-launches-european-crypto-etf-amid-market-crash.html\">Grayscale<\/a> is reportedly likely to sue the Security Exchange Commission (SEC) if their spot ETF application is denied<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"640\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/04\/First-Bitcoin-ETF-On-Australias-ASX-To-Go-Live-On-April-27-1-1024x640.webp\" alt=\"Grayscale likely to sue SEC if application for spot Bitcoin ETF Is Denied\" class=\"wp-image-24448\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/04\/First-Bitcoin-ETF-On-Australias-ASX-To-Go-Live-On-April-27-1-1024x640.webp 1024w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/04\/First-Bitcoin-ETF-On-Australias-ASX-To-Go-Live-On-April-27-1-300x188.webp 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/04\/First-Bitcoin-ETF-On-Australias-ASX-To-Go-Live-On-April-27-1-768x480.webp 768w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/04\/First-Bitcoin-ETF-On-Australias-ASX-To-Go-Live-On-April-27-1-150x94.webp 150w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/04\/First-Bitcoin-ETF-On-Australias-ASX-To-Go-Live-On-April-27-1-750x469.webp 750w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/04\/First-Bitcoin-ETF-On-Australias-ASX-To-Go-Live-On-April-27-1-1140x713.webp 1140w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/04\/First-Bitcoin-ETF-On-Australias-ASX-To-Go-Live-On-April-27-1.webp 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption>Grayscale likely to sue SEC if application for spot Bitcoin ETF Is Denied<\/figcaption><\/figure>\n\n\n\n<div class=\"wp-block-rank-math-toc-block\"><ul><li><a href=\"#h-grayscale-could-sue-sec-if-application-is-denied\" >Grayscale Could Sue SEC If Application Is Denied<\/a><\/li><li><a href=\"#h-sec-likely-to-approve-spot-bitcoin-etf\" >SEC likely to approve spot Bitcoin ETF<\/a><\/li><li><a href=\"#h-preparation-for-legal-battle\" >Preparation For Legal Battle<\/a><\/li><\/nav><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-grayscale-could-sue-sec-if-application-is-denied\">Grayscale Could Sue SEC If Application Is Denied<\/h2>\n\n\n\n<p><a href=\"https:\/\/coinscreed.com\/staging\/grayscale-set-to-roll-out-first-etf-across-europe.html\">Grayscale Investments<\/a> could potentially sue the Securities Exchange Commission (<a href=\"https:\/\/coinscreed.com\/staging\/sec-rejects-spot-bitcoin-etf-from-one-river-asset-management.html\">SEC<\/a>) if the agency fails to convert the Grayscale Bitcoin Trust (GBTC) into a spot\u00a0Bitcoin\u00a0Exchange-Traded Fund (ETF).\u00a0<\/p>\n\n\n\n<p>This comes after the company bolstered its legal team to work on the <a href=\"https:\/\/coinscreed.com\/staging\/canadian-purpose-bitcoin-etf-sees-inflow-despite-market-dip.html\">ETF<\/a> application by hiring Donald B. Verrilli Jr., a former United States solicitor general who served from 2011 to 2016.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-twitter\"><blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">As we enter the final month before a response is due on our application to convert <a href=\"https:\/\/twitter.com\/search?q=%24GBTC&src=ctag&ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">$GBTC<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a> to an ETF, we have retained Donald B. Verrilli, Jr., former Solicitor General of the United States, as additional legal counsel. A short \ud83e\uddf5 on why:<\/p>&mdash; Grayscale (@Grayscale) <a href=\"https:\/\/twitter.com\/Grayscale\/status\/1534275354378096646?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">June 7, 2022<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/div>\n<\/div><\/figure>\n\n\n\n<p>Bloomberg senior ETF analyst Eric Balchunas interpreted Grayscale's nomination as a threat to sue the SEC if the regulatory body fails to approve the Bitcoin spot ETF by the deadline of July 6.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-sec-likely-to-approve-spot-bitcoin-etf\">SEC likely to approve spot Bitcoin ETF<\/h2>\n\n\n\n<p>The SEC is expected to approve the application, according to Balchunas, and Verrilli, a former Obama administration official, will play a crucial role.<\/p>\n\n\n<hr class=\"wp-block-separator is-style-default\" \/>\n<div class=\"wp-block-image is-style-rounded\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/5.8\/portrait.jpg\" alt=\"A side profile of a woman in a russet-colored turtleneck and white bag. She looks up with her eyes closed.\" width=\"150\" height=\"150\" \/><\/figure>\n<\/div>\n<blockquote class=\"wp-block-quote has-text-align-center is-style-large\">\n<p><strong>\u201cGood point re Grayscale hiring Obama\u2019s Solicitor General: they could be getting ready to sue the SEC if they don\u2019t get spot approval (which is due by 7\/6 and is highly, highly unlikely). Grab the popcorn.\u201d\u00a0<\/strong><\/p>\n<p><strong>Balchunas<\/strong><\/p>\n<\/blockquote>\n<hr class=\"wp-block-separator is-style-default\" \/>\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-twitter\"><blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">\ud83e\uddf5 We want to ensure that we have the strongest possible team of legal minds ready to support our <a href=\"https:\/\/twitter.com\/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">$BTC<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a> ETF application. Verrilli will serve as a senior legal strategist, working alongside our attorneys at <a href=\"https:\/\/twitter.com\/DavisPolkReg?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@DavisPolkReg<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a> and in-house counsel.<\/p>&mdash; Grayscale (@Grayscale) <a href=\"https:\/\/twitter.com\/Grayscale\/status\/1534275356227780608?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">June 7, 2022<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/div>\n<\/div><\/figure>\n\n\n\n<p>The analyst was reacting to a <a href=\"https:\/\/twitter.com\/jchervinsky\/status\/1534279351402958849\" target=\"_blank\" rel=\"noreferrer noopener\">tweet<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a> from lawyer Jake Chervinsky, who stated that if the company sued the SEC, the US regulatory organization would not survive a legal battle. Grayscale, according to Chervinsky, has met all of the requirements for approval of the spot ETF.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-twitter\"><blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Strong move. <a href=\"https:\/\/twitter.com\/Grayscale?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@Grayscale<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a> means business.<br><br>The SEC&#39;s deadline to approve or deny the application to convert GBTC to an ETF is July 6. No doubt, it should be approved. I don&#39;t see how the SEC survives a legal challenge if not, especially one led by Don Verrilli.<br><br>Mark your calendar. <a href=\"https:\/\/t.co\/ZbZ7oTXhHR\" target=\"_blank\">https:\/\/t.co\/ZbZ7oTXhHR<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a><\/p>&mdash; Jake Chervinsky (@jchervinsky) <a href=\"https:\/\/twitter.com\/jchervinsky\/status\/1534279351402958849?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">June 7, 2022<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/div>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-preparation-for-legal-battle\">Preparation For Legal Battle<\/h2>\n\n\n\n<p>Grayscale hinted that it might be prepared for a legal battle in the Bitcoin spot ETF approval squabble while announcing Verrilli's appointment. In his new role, Verrilli will be the senior strategist for the Bitcoin ETF application.<\/p>\n\n\n\n<p>Verrilli was the primary lawyer for the government in various Supreme Court matters during his time as the US solicitor general.<\/p>\n\n\n\n<p>The company's CEO Michael Sonnenshein expressed optimism that the ETF application will be accepted ahead of the July 6 deadline.<\/p>\n\n\n\n<p>The possibility of the ETF's acceptance will almost certainly have an impact on the cryptocurrency market, with a particular focus on the price movement of digital currencies. Investors would be able to safely enter the market without directly investing in Bitcoin with a spot Bitcoin ETF.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Grayscale is reportedly likely to sue the Security Exchange Commission (SEC) if their spot ETF application is denied Grayscale Could Sue SEC If Application Is Denied Grayscale Investments could potentially sue the Securities Exchange Commission (SEC) if the agency fails to convert the Grayscale Bitcoin Trust (GBTC) into a spot\u00a0Bitcoin\u00a0Exchange-Traded Fund (ETF).\u00a0 This comes after [&hellip;]<\/p>\n","protected":false},"author":29,"featured_media":24448,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[6175,9593,5747],"class_list":["post-29441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-etf-2","tag-grayscale-trust","tag-sec-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/04\/First-Bitcoin-ETF-On-Australias-ASX-To-Go-Live-On-April-27-1.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/29441","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=29441"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/29441\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/24448"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=29441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=29441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=29441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}