Grayscale Investments® files a lawsuit against the SEC

submits a request for review to the United States Court of Appeals for the District of Columbia Circuit

Wants to argue that the SEC violated the Administrative Procedures Act and the Securities Exchange Act of 1934

NEW YORK, June 29, 2022 (GLOBE NEWSWIRE) — Grayscale Investments®, the world’s largest digital currency wealth manager, announced today that its Senior Legal Strategist, former US Attorney General and partner at Munger, Tolles & Olson, Donald B Verrilli, Jr. filed a review motion on Grayscale’s behalf in the United States Court of Appeals for the District of Columbia Circuit to challenge the Securities and Exchange Commission’s (SEC) decision to convert Grayscale’s Bitcoin Trust (BTC) to refuse. (OTCQX: GBTC) to a spot bitcoin ETF*.

Since 2013, Grayscale has been working to build the world’s largest Bitcoin investment vehicle: GBTC. Grayscale has voluntarily filed registration statements with the SEC providing investors with more information and has subjected these products to increased SEC oversight. Grayscale has also worked proactively for years to provide investors with full disclosures and risk factors about GBTC and its extensive family of crypto investment products.

“Grayscale supports and believes in the SEC’s mandate to protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation – and we are deeply disappointed by the SEC’s decision to continue to deny spot bitcoin ETFs from coming the US market,” said Michael Sonnenshein, CEO of Grayscale. “We believe that as part of the ETF application review process, American investors have overwhelmingly expressed a desire to convert GBTC into a spot bitcoin ETF that will unlock billions of dollars in investor capital while continuing the world’s largest bitcoin fund in the US -regulatory area would bring. We will continue to use the full resources of the company to advocate for our investors and the fair regulatory treatment of Bitcoin investment vehicles.”

“As Grayscale and the Davis Polk & Wardwell team have pointed out, the SEC fails to treat similar investment vehicles consistently and therefore acts arbitrarily and arbitrarily in violation of the Administrative Procedures Act and the Securities Exchange Act of 1934,” added Donald B. Verrilli , Jr., Grayscale Senior Legal Strategist and former US Solicitor General. “There is a compelling, reasonable argument here, and we look forward to resolving this matter productively and expeditiously.”

Grayscale’s comment letter campaign during the 240-day review period resulted in a record-breaking 11,400+ total filings with the SEC, with over 99.0 percent demonstrating their support for the transition.

*We use the generic term “ETF” to refer to exchange traded investment vehicles, including those required to be registered under the Investment Company Act of 1940, as amended (the “’40 Act”), and other exchange traded investment vehicles. traded products not subject to the registration requirements of the ’40 Act.

About Grayscale Investments®

Grayscale enables investors to access the digital economy through a family of safe, regulated and forward-looking investment products. Founded in 2013, Grayscale has a proven track record and deep expertise as the world’s largest digital currency wealth manager. Investors, advisors and allocators turn to Grayscale’s private placements, public listings and ETFs for single, diversified and thematic exposures. Grayscale products are distributed by Genesis Global Trading, Inc. (Member FINRA/SIPC, MSRB registered) or Foreside Fund Services, LLC. For more information, please follow @Grayscale or visit

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