Grayscale Investments filed a lawsuit with the US Securities and Exchange Commission (SEC) just an hour after the agency denied their application.
SEC is already refuse NYSE Arca's application to allow it to list and trade shares in Grayscale's Bitcoin Spot ETF, citing concerns about market manipulation.
NYSE Arca filed in month 10 to enable Grayscale to convert the $13,5 billion Grayscale Bitcoin Trust into a fund Bitcoin Spot ETFs.
Single to sue asked the United States Court of Appeals in the District of Columbia to review the SEC's order.
“We are extremely disappointed and completely disagree with the SEC decision to continue to reject Bitcoin Spot ETFs in the US market.” Grayscale CEO Michael Sonnenshein said.
Sonnenshein earlier announced its intention to sue the SEC in the case of denial, he argued that the regulator should not distinguish between the Bitcoin Fututres ETFs and the Bitcoin ETF Spot.
Grayscale attorney Don Verrilli said, “…The SEC is not applying consistent treatment to investment vehicles and is therefore acting arbitrarily.”