Grayscale's legal lawsuit to SEC caused a ## community reaction from accusing Sec to suppress Bitcoin to an alternative proposal - the community reacted differently to Grayscale's legal lawsuit against sec.

from accusing Sec to suppress Bitcoin to an alternative proposal - the community in different ways reacted to the legal lawsuit Grayscale against Sec.

After the application of Grayscale to the transformation of its Grayscale Bitcoin Trust (GBTC) fund to the Exchange Fund (BTC) was rejected, the company began a lawsuit against the US Securities and Exchange Commission. After these events, the community reacted differently: from the accusations of the SEC of manipulating prices to proposals of various solutions. Redditor U/ThatSmrcurmudgeon2u, introduced by a lawyer on securities, expressed his opinion on this issue. According to Redditor, many expected this lawsuit, since the SEC chairman Gary Gensler made it clear that he wanted the exchanges to be registered in the Sec. Redditor also accused SEC of "holding GBTC hostage." Lawyer Jake Chervinski wrote on Twitter that the refusal of the ETF registration “deeply disappointed” and contradicts federal law and common sense. He noted that the role of the SEC should consist in protecting investors, and claimed that ETF is the best product for them. According to the Twitter user Ann, given that the SEC approved ETF, which is shorting Bitcoin, it can work on "suppressing bitcoin prices." Anne claims that this is not included in the SEC tasks. "On the other hand, the defender of Bitcoin and the author of Vyzhapati proposed a different way. Borapati said that the best step would" turn the fund "and return Bitcoin to investors. The author criticized 2%Grayscale fees and urged the company" to do the right thing. " A much better solution would be to close the fund and return the #Bitcoin underlying it to investors, from which outrageous 2% per year are currently being pulled. Correct, Grayscale. - Vidzhapati (@real_vijay) June 30, 2022 The Redditor U/Percyheckendorf participant claims that the SEC refusal from ETF is harmful to pensioners, as pension funds “get stuck in the purchase of shares” that do not have such a potential as bitcoin. Similar: elusive ETF Bitcoin: Hester Pier criticizes the lack of legal clarity for cryptocurrencies In a letter to investors on Monday, GrayScale reported that the SEC received 11,400 letters related to the proposed Bitcoin ETF. According to the company, 99% of the letters were in support of ETF. Despite these letters of support, he was still not approved.