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Grayscale Bitcoin Fund Gets Backing From Blockchain Association in SEC Battle

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The Blockchain Association has provided a brief to the courts outlining the primary arguments in favor of a spot Bitcoin exchange-traded product (ETP) from Grayscale.

Last week, crypto asset fund manager Grayscale filed its opening legal brief in a U.S. Court of Appeals. The appeal challenges the decision by the Securities and Exchange Commission (SEC) to deny the conversion of its Bitcoin Trust fund (GBTC) into a spot Bitcoin ETF.

This week, the company received backing from the Blockchain Association, which filed its own amicus brief on Oct. 18.

“By denying access to spot bitcoin ETPs, the SEC engages in an arbitrary and capricious practice of picking winners and losers among investment products,” said Association policy council Marisa Tashman Coppel.

SEC Bitcoin double standards

The Blockchain Association is an organization dedicated to improving public policy for crypto networks. Members include industry leaders, lawyers, research firms, security firms, and venture capital companies.

The Association’s head of policy, Jake Chervinsky, backed the move. He hopes that it will help the court see the “unfair and unlawful double standard that the SEC has applied to bitcoin for all these years.”

The brief claims that the SEC has contravened its own mandate to ensure “investors are free to choose products best suited to their goals and have the information necessary to make well-informed decisions.”

Furthermore, the financial regulator has not established material differences between
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