Grayscale set to file next brief in an ongoing lawsuit with U.S. SEC.
The brief will challenge SEC’s decision to deny conversion of GBTC to a spot Bitcoin ETF.
Grayscale will consider other ways to reimburse shareholders if the lawsuit fails.
According to a tweet from Grayscale’s chief legal officer Craig Salm, the asset manager is set to file the next brief in its ongoing lawsuit with the United State Securities and Exchange Commission (SEC) on January 13. The brief will challenge the SEC’s earlier decision to deny the conversion of the asset manager’s GBTC (Grayscale Bitcoin Trust) offering to a spot Bitcoin ETF.
Salm noted that Grasycale’s upcoming brief would be centered around whether the SEC “acts arbitrarily and capriciously, and discriminates against issuers” when it rejected Grayscale’s proposal to convert GBTC to spot Bitcoin ETF. He added that an ETF, is the best way for GBTC to track the price of Bitcoin in the long run.
Salm also remained positive about the development, hinting that Grayscale will be looking into other ways to reimburse GBTC shareholders. “We’ve also committed to exploring alternative paths to returning capital to $GBTC shareholders if our legal challenge is not successful,” Salm noted.
Grayscale filed a lawsuit against …
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