On January 12th, Craig Salm, the chief legal officer of Grayscale, spoke about the recent developments in the crypto space and their potential impact on the ongoing case against the U.S. Securities and Exchange Commission (SEC).
Recently, there have been significant activities in the crypto industry, including regulatory changes, announcements from major companies and financial institutions, and fluctuations in cryptocurrency prices.
However, Salm stated that he does not believe these recent events will affect Grayscale’s case against the SEC. He explained that the case centers around whether Grayscale’s Bitcoin Trust is an investment vehicle that should be registered with the SEC, which is separate from broader developments and changes in the crypto industry.
Grayscale’s case against the SEC has been ongoing for several months. The investment firm, one of the largest in the crypto space, has argued that its Bitcoin Trust should not be subject to SEC registration requirements because it is not a security. On the other hand, the SEC has taken the position that the trust is an investment vehicle that should be registered.
Salm stated, “This is a legal case about fair and equal treatment under the law.” He believes that Grayscale is being treated unfairly and that its Bitcoin Trust should be treated the same as other similar investment vehicles that are not subject to SEC registration requirements.
If Grayscale’s legal efforts do not succeed, Salm stated that the company would explore alternative options to address the situation. One possible solution he mentioned is the possibility of making a tender offer to purchase a portion of GBTC shares, but that would require the approval of the SEC.
Salm emphasized the importance of the crypto community supporting Grayscale’s lawsuit, as a successful outcome would lead to greater access to Bitcoin through the approval of a spot Bitcoin ETF. He emphasized that his company is fighting for the future of Bitcoin and urged anyone with a positive outlook on it to support their case.
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