Gate.io Blog Daily Flash | Bitcoin and Ethereum Tumbled, Grayscale Sues SEC Over Rejection Of Spot Bitcoin ETF Amid Market Uncertainties

Daily Flash | Bitcoin and Ethereum Tumbled, Grayscale Sues SEC Over Rejection Of Spot Bitcoin ETF Amid Market Uncertainties

01 July 08:53

Today's Headline - Grayscale Sues SEC Over Rejection Of Spot Bitcoin ETF Application

Grayscale Investments has filed a lawsuit against the U.S. SEC after the regulator rejected a bid by the group to list its Bitcoin Trust as an exchange-traded fund (ETF) in New York. The lawsuit was filed immediately within the hour of the rejection.

The rejection cited reasons of market manipulation and the lack of a surveillance-sharing agreement between a "regulated market of significant size" and a regulated exchange. The lawsuit will argue that the existence of approval for Bitcoin futures ETF validates that there is an underlying market that is reliable.

Don Verrilli, former Solicitor General, and Grayscale legal counsel had stated earlier in June,

“This is a place where common sense has a really important role to play. You've got a situation now in which you have certain kinds of exchange-traded funds, one that is focused on bitcoin futures, and the SEC has approved that, the SEC is given it the seal of approval. In order to do so it had to make a determination that that giving this approval was consistent with the securities laws, and in particular, that that there wasn't a sufficient underlying risk of fraud and manipulation."

Chart of the Day - Is this bear market different?

In the current market, spot prices ($21,300) are trading below the Realized Price, the 0.6 Mayer Multiple band, and the 200 Week MA, and recently broke below Balanced Price during the 18-June flush out to $17,600.

Influencer of the Day - Ruja Ignatova ‘Crypto Queen’ Wanted by the FBI

The FBI has added OneCoin founder Ruja Ignatova 'Crypto Queen' to its Most Wanted list after allegedly defrauding investors of $4 billion.

She created the OneCoin project, which originated in Bulgaria, and left the organization to disappear in 2017. Federal authorities in Manhattan have accused her of fraud and money laundering in connection with what the government describes as a pyramid scheme.

Buzzes of Yesterday - #Hacker group Lazarus is allegedly behind $100M Harmony heist, #MicroStrategy scoops up $10M BTC

Reserve Bank of India ranks crypto near the bottom of systemic risks despite harsh criticism

Russia approves tax exemptions for issuers of cryptocurrency

North Korean Hacking Group Suspected To Be Behind $100 Million Harmony Heist

Tencent Launches Extended Reality Unit to Tackle the Metaverse Market

MicroStrategy Buys An Additional $10 Million Worth Of Bitcoin

BVI Court Orders Liquidation Of Three Arrows Capital

NFTs to appear on Facebook, cross-post with Instagram as Meta Web3 expansion continues

Polkadot Announces New Blockchain Governance Model; Scraps ‘Council’ Body

OpenSea Suffers Data Breach

CFTC Charges South African Bitcoin Club Mirror Trading International With $1.7B Fraud

Author: Gate.io Researcher Peter L.
This article represents only the researcher's views and does not constitute any investment advice. Gate.io reserves all rights to this article.
Reposting the article will be permitted provided Gate.io is referenced.
In all other cases, legal action will be taken due to copyright infringement.

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