Grayscale Investments won its lawsuit against the SEC, according to court documents, ChainCatcher reported.
As previously reported, the U.S. Securities and Exchange Commission (SEC) rejected Grayscale's application to transform its Bitcoin Trust GBTC into a Bitcoin spot ETF on the grounds that it "cannot protect investors from fraud and market manipulation."
Grayscale Chief Legal Officer Craig Salm said there is “no difference in the context of Bitcoin” between spot ETFs and futures ETFs because “CME Bitcoin futures are inherently priced at a discount to the spot Bitcoin market.”
Grayscale said the SEC failed to demonstrate why there were disparate treatments, thereby violating the most basic requirements of the Administrative Procedure Act.
