Grayscale® | GBTC Lawsuit

GBTC Lawsuit Latest Updates

On June 29, 2022, Grayscale Senior Legal Strategist, former U.S. Solicitor General, and partner at Munger, Tolles & Olson, Donald B. Verrilli, Jr. filed a petition for review with the United States Court of Appeals for the District of Columbia Circuit on behalf of Grayscale — the first step in a litigation process to contest the Securities and Exchange Commission’s (SEC) decision on our proposal to uplist Grayscale Bitcoin Trust (BTC) to a spot Bitcoin ETF*.

On August 29th, 2023, the D.C. Circuit unanimously ruled in favor of Grayscale in our lawsuit to uplist GBTC to an ETF, vacating the SEC’s initial denial order.

We intend to update this web page to keep our investors and partners apprised of next steps and key information throughout the rest of the appellate process.

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*We use the generic term “ETF” to refer to exchange-traded investment vehicles, including those that are required to register under the Investment Company Act of 1940, as amended (the “‘40 Act”), as well as other exchange-traded products which are not subject to the registration requirements of the ‘40 Act.

Amicus Briefs in Support of Grayscale

The Chamber of Commerce of the United States of America

Investors Choice Advocacy Network, joined by economic and law professors, and former SEC, CFTC and OCC officials

NYSE Arca

The Blockchain Association, joined by crypto trade associations, think tanks and advocacy groups

Coinbase, Inc

Litigation Filings

Mandate

Comment Letter Submitted

The D.C. Circuit Ruled in Favor of Grayscale

Comment Letter Submitted

Letter of Petitioner Regarding Supplemental Authority Under Fed. R. App. P. 28(j)

Response of Petitioner to Letter of Respondent Regarding Supplemental Authority Under Fed. R. App. P. 28(j)

Letter of Respondent Regarding Supplemental Authority Under Fed. R. App. P. 28(j)

Oral Argument Time Allocation

Final Reply Brief of Petitioner Grayscale Investments, LLC

Final Reply Brief of Respondent SEC

Final Opening Brief of Petitioner Grayscale Investments, LLC

Oral Arguments Notice

Reply Brief of Petitioner Grayscale Investments LLC

Reply Brief of Respondent SEC

Order Granting Unopposed Motion to Modify Briefing Schedule

Respondent's Unopposed Motion to Modify Briefing Schedule

Opening Brief of Petitioner Grayscale Investments LLC

Order Granting Unopposed Motion to Extend Time

Petitioner’s Unopposed Motion to Extend Time

Certificate Describing the Documents in the Record Before the SEC

Certificate As To Parties, Rulings, And Related Cases

Agency Docketing Statement

Statement Of Intent To Utilize Deferred Joint Appendix

Petitioner’s Statement Of Issues To Be Raised

Underlying Decision From Which Petition Arises

Disapproval Order (SEC Release No. 34–95180)

Scheduling Order

Petition For Review

Further Reading

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GBTC Litigation: Oral Arguments Unofficial Transcript

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On the Pending GBTC Decision from the SEC

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Q&A Our Lawsuit Against the SEC

The private placement, Grayscale Bitcoin Trust, uplisted to an ETP on 1/11/2024. All documents related to the product post-uplisting is available under the Grayscale Bitcoin Trust ETF header.

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