The brief will challenge the SEC's decision to deny the conversion of Grayscale's GBTC (Grayscale Bitcoin Trust) offering to a spot Bitcoin ETF.
Grayscale Challenges SEC's Decision on GBTC Conversion
According to Craig Salm, Grayscale's chief legal officer, the asset manager's upcoming brief will center 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.
Grayscale Explores Alternatives for Shareholders
Salm also remained optimistic about the development, hinting that Grayscale will look 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.
