Blockchain Association Supports Grayscale in ETF Case Against SEC

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The Blockchain Association, a non-profit organization, has filed a brief filing with the court regarding the Grayscale Investments v. U.S. Securities and Exchange Commission (SEC) lawsuit.

According to the organization:

“We are proud to have taken this important step in support of the crypto industry to provide American consumers with greater access to these innovative products.”

Acting as amici curiae, the Blockchain Association has said the Commission’s refusal to convert the GBTC trust into a Bitcoin ETF is a violation. So far, the regulator has not approved any of the similar applications, but has allowed the launch of exchange-traded funds based on futures for the first cryptocurrency from VanEck, Valkyrie Investments and ProShares.

Per the organization:

“The agency has arbitrarily decided to withhold Grayscale spot ETPs despite significant demand for these products.”