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Payback time grayscale sue SEC over ETF application disapproval

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Seems the security exchange commission and its team are more of a threat to the crypto space, on several occasions, they have presumed to be in charge of what goes in and out of the crypto-verse, they have a voice on how crypto should work and could impose some regulation, however they can not stop the space from expanding further this has caused a lot of concern for the exchange commission what happens if everyone chooses to adopt the use of cryptocurrency?

Ripple and SEC

Ripple (XRP) has long been on the SEC trail, XRP price has dwindled since its saga with the exchange commission on security issues lots of investors have dumped the leading token for fear of what will happen next causing ripple millions if not billions worth of investment, probably ripple might be suing SEC next.

Grayscale on SEC

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Bitcoin exchange-traded funds (ETFs) aim to make bitcoin accessible to investors or retail traders who are not sure how bitcoin works but would like to invest or own bitcoin indirectly with the help of ETFs you can have access to cryptocurrencies (bitcoin) without actually owning it, traditional exchange brokers set up a pool for investors to access bitcoins related assets which can be traded using ETFs. This seems to be a safe way of trading bitcoin just like a stock shares, it increases trust and as well creates demand in the bitcoin market on my end I see a great need for more bitcoin ETFs.

Grayscale quest to make bitcoin ETFs accessible for its users has been rejected on several occasions by the U.S. SEC, the exchange company which submitted its first ETF request in early 2017 has been turned down due to the bitcoin market uncertainty, volatility, and manipulative nature. According to reports from decrypt grayscale ETF proposal was rejected on different occasions due to lack necessary security measures by the exchange in handling increase money laundering activities solicited using cryptocurrencies.

In its ruling, the SEC said the Grayscale spot ETF application did not do enough to protect investors from "fraudulent and manipulative acts and practices."

Grayscale is not fully ready for a bitcoin spot ETF according to the SEC.

In line with the above statement grayscale CEO Michael Sonnenshein announced his company will be taking legal action against SEC on his Twitter handle

Pressing Legal charges could seem to be the best option taken by grayscale we look forward to what might be coming up next.