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Tuesday, August 9, 2022

Grayscale Is All Ready To Fight A Legal Battle With The SEC

Michael Sonnenshein, the CEO of Grayscale, stated that the company is preparing for a fight in Court if the Securities and Exchange Commission (SEC) of the U.S. refuses the bitcoin spot ETF of Grayscale. Sonnenshein was giving an interview this Tuesday with Bloomberg where he was asked whether he was considering the option of an APA lawsuit if by any chance its spot of Bitcoin was rejected by the regulator of finance. 

Grayscale Is Eagerly Waiting For The Decision Of The SEC

Michael Sonnenshein responded that he is having an open mind and considering all the options seriously and also laid emphasis on their continued advocacy for their investors. The date where the next decision will be declared is 6th July this year. The denial or approval of their product for investment was initially filed last year in October and was again delayed after the date in February 2022. 

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The entire team of Grayscale has put all their resources to convert their elementary fund GBTC into an ETF. It is essential for the investors to know that the entire team is advocating for their product. The company announced in October last year that they will convert the trust of BTC into BTC-settled ETF, following which the decision of SEC was delayed as they gave the reason that they need a longer time to check all the changes. 

The SEC decided to take public feedback about those changes and after some time, as per an analyst, it was shown that 95% of people were in support of this modification. Moreover, Grayscale even added a comment section for the investors to review their conversion which will be later on submitted to the SEC. 

As per data, investors of more than 50 countries own GBTC and approximately 800,000 U.S. accounts are recorded who are waiting for the decision to come.

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