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Grayscale Suing SEC After Its Spot Bitcoin ETF Is Rejected

  • Firm said approval would have unlocked $8 billion in value
  • SEC said listing proposal wouldn’t prevent market manipulation
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WATCH: Grayscale CEO Michael Sonnenshein explains the decision to sue the SEC.Markets: European Close.”
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Grayscale Investments said it had sued the US Securities and Exchange Commission after the agency rejected a bid to convert its Bitcoin trust into an exchange-traded fund. 

Chief Executive Officer Michael Sonnenshein tweeted late Wednesday that Grayscale was suing the regulator and the company said it had filed a lawsuit in US Court of Appeals for the D.C. Circuit.