Grayscale filed a complaint against the decision of the Securities and Exchange Commission (SEC), which prevented the launch of a bitcoin exchange-traded investment fund (BTC ETF) in June. According to the company's general counsel, the case is moving quickly. Regulator blocks S12 billion Grayscale Bitcoin Trust (GBTC) from being converted into a Bitcoin price-based ETF. The filing, filed with the District of Columbia Circuit Court, argues that the commission wrongfully denied Grayscale. According to Grayscale, the SEC is biased in its review of ETF applications, unlike futures products.. Grayscale representatives insist that the correlation between the spot price of bitcoin and prices in the futures market is 99.9%.. And most importantly, according to the company's team, the SEC has exceeded its authority. SEC officials argue that the Grayscale project cannot protect potential investors from all sorts of fraud and manipulation. The commission found similarities with other similar ETF projects, such as One River, which also failed to provide enough evidence to protect the interests of users..