Grayscale’s legal challenge to SEC sparks response from the community

2022.06.30 23:05

Grayscale’s legal challenge to SEC sparks response from the community

After Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into a Bitcoin (BTC) exchange-traded fund (ETF) was denied, the firm launched a legal challenge against the United States Securities and Exchanges Commission. Following these events, the community responded with various reactions, from accusing the SEC of price manipulation to suggesting different solutions.

Redditor u/ThatsMRcurmudgeon2u, who introduced themself as a securities lawyer, weighed in on the matter. According to the Redditor, many anticipated the lawsuit, as SEC Chair Gary Gensler has made it clear that he wants exchanges to register with the SEC. The Redditor also accused the SEC of “holding GBTC hostage.”