Grayscale Bitcoin ETF request rejected by SEC: Proceeds with lawsuit
The application for the conversion of GBTC into a Bitcoin spot ETF initiated by Grayscale Investments, a global digital asset management firm founded in 2013, in October 2021 has been finally rejected by the United States Securities and Exchange Commission (SEC) after a prolonged delay.
SEC's rejection
The financial authority that regulates securities in the US has finally put down the hopes of having a Bitcoin spot ETF trading in the US stock markets. As per the regulatory authority, Grayscale did not present the "means to prevent fraudulent and manipulative acts and practices sufficient to justify dispensing with the detection and deterrence of fraud and manipulation that is provided by a comprehensive surveillance-sharing agreement with a regulated market of significant size related to spot bitcoin."The SEC further reject the application for Bitwise BTC spot ETF as well adding that almost every spot ETF applicant including Grayscale has failed to demonstrate the fact that "the bitcoin market as a whole or the relevant underlying bitcoin market is uniquely and inherently resistant to fraud and manipulation."
In this context, it is important to note that the SEC recently approved the launch of the ProShares Short Bitcoin Strategy ETF.
Grayscale retaliates
Interestingly, Michael Sonnenshein, the CEO of Grayscale recently stated that "in our opinion, a matter of when and not if" hinting that the approval is round the corner. Following the rejection of the ETF, the firm's Senior Legal Strategist, former U.S. Solicitor General, and partner at Munger, Tolles & Olson, Donald B. Verrilli, Jr., filed a lawsuit on behalf of the digital asset management firm against the SEC with the United States Court of Appeals for the District of Columbia Circuit."There is a compelling, common-sense argument here, and we look forward to resolving this matter productively and expeditiously," said Verrilli.
Continue reading by joining Cryptonary Pro
$1,548 $1,197/year
Get everything you need to actively manage your portfolio and stay ahead. Ideal for investors seeking regular guidance and access to tools that help make informed decisions.
For your security, all orders are processed on a secured server.
As a Cryptonary Pro subscriber, you also get:
3X Value Guarantee - If cumulative documented upside does not reach 300% during your 12-month membership, you can request a full refund.
24/7 access to experts with 50+ years’ experience
All of our top token picks for 2025
On hand technical analysis on any token of your choice
Weekly livestreams & ask us anything with the team
Daily insights on Macro, Mechanics, and On-chain
Curated list of top upcoming airdrops (free money)
3X Value Guarantee
If cumulative documented upside does not reach 300% during your 12-month membership, you can request a full refund.
Our track record speaks for itself
With over 2.4M tokens and widespread misinformation in crypto, we cut through the noise and consistently find winning assets.
Our track record speaks for itself
With over 2.4M tokens and widespread misinformation in crypto, we cut
through the noise and consistently find winning assets.
Frequently Asked Questions
Can I trust Cryptonary's calls?
Yes. We've consistently identified winners across multiple cycles. Bitcoin under $1,000, Ethereum under $70, Solana under $10, WIF from $0.003 to $5, PopCat from $0.004 to $2, SPX blasting past $1.70, and our latest pick has already 200X'd since June 2025. Everything is timestamped and public record.
Do I need to be an experienced trader or investor to benefit?
No. When we founded Cryptonary in 2017 the market was new to everyone. We intentionally created content that was easy to understand and actionable. That foundational principle is the crux of Cryptonary. Taking complex ideas and opportunities and presenting them in a way a 10 year old could understand.
What makes Cryptonary different from free crypto content on YouTube or Twitter?
Signal vs noise. We filter out 99.9% of garbage projects, provide data backed analysis, and have a proven track record of finding winners. Not to mention since Cryptonary's inception in 2017 we have never taken investment, sponsorship or partnership. Compare this to pretty much everyone else, no track record, and a long list of partnerships that cloud judgements.
Why is there no trial or refund policy?
We share highly sensitive, time-critical research. Once it's out, it can't be "returned." That's why membership is annual only. Crypto success takes time and commitment. If someone is not willing to invest 12 months into their future, there is no place for them at Cryptonary.
Do I get direct access to the Cryptonary team?
Yes. You will have 24/7 to the team that bought you BTC at $1,000, ETH at $70, and SOL at $10. Through our community chats, live Q&As, and member only channels, you can ask questions and interact directly with the team. Our team has over 50 years of combined experience which you can tap into every single day.
How often is content updated?
Daily. We provide real-time updates, weekly reports, emergency alerts, and live Q&As when the markets move fast. In crypto, the market moves fast, in Cryptonary, we move faster.
How does the 3X Value Guarantee work?
We stand behind the value of our research. If the documented upside from our published research during your 12-month membership does not exceed three times (3X) the annual subscription cost, you can request a full refund. Historical context: In every completed market cycle since 2017, cumulative documented upside has exceeded 10X this threshold.
Recommended from Cryptonary
