Grayscale Investments retaliates against the SEC over the denial of VanEck’s spot Bitcoin ETF application, according to a report by CoinTelegraph on Wednesday.

  • On November 29, the operator of the Grayscale Bitcoin Trust (GBTC) send a letter to Vanessa Countryman, Secretary of the SEC arguing the SEC is wrong to deny approval of spot Bitcoin ETFs.
  • Grayscale argued that the SEC does not have any basis for holding that investing in the derivatives market for an asset is acceptable for investors while investing in the assets itself is not.
  • Grayscale claims that SEC violated the Administrative Protections Act by the failure to treat the two Bitcoin ETF Products equally.
  • A Bitcoin futures ETF allows traders to speculate on the future BTC prices through derivatives. Meanwhile, a spot Bitcoin ETF allows traders to trade on the current prices of the asset.

Grayscale is an interested party with the application filed in October to list GBTC as a Bitcoin spot ETF, with a decision likely to come on Christmas Eve. BTC USD up +0.65%