Blockchain Association announced that it has filed an amicus brief supporting Grayscale Investments’ case against the U.S. Securities and Exchange Commission (SEC) regarding the SEC’s rejection of a Grayscale Bitcoin Trust spot Bitcoin ETP.

Honored to work with @BlockchainAssn, @DigitalChamber, @ProgressChamber and @coincenter to prepare this important brief. #BlockchainNews #Bitcoin #Cryptocurency #DigitalAssets @quinnemanuel https://t.co/2IcPKfGev1

— Kurt Wolfe (@Enforce_Update) October 20, 2022

The following statement is attributed to Jake Chervinsky, Head of Policy at Blockchain Association:

“We are proud to stand behind Grayscale as it seeks to offer Americans greater opportunities to invest in bitcoin. With more than 100 commodity ETPs already available on U.S. exchanges, the SEC has unjustifiably and unlawfully limited investor choice despite considerable demand for products like this one.

After approving futures-based Bitcoin ETPs, the SEC has abandoned its investor protection mandate and abused its discretion by denying every application for a spot-based Bitcoin ETP, including Grayscale’s application. Approving a spot Bitcoin ETP is the best way for the SEC to protect and serve the interests of American investors. Through this denial, the Commission has engaged in the arbitrary and capricious selection of investment products.

Bitcoin ETPs are demonstrably safer and easier to understand than the futures-based products already approved by the SEC. As such, we urge the court to find that the SEC has violated its obligations under the Administrative Procedures Act.”

Source: Blockchain Association