GRAYSCALE INVESTMENTS, LLC v. SEC

No. 22-1142.

82 F.4th 1239 (2023)

GRAYSCALE INVESTMENTS, LLC, Petitioner, v. SECURITIES AND EXCHANGE COMMISSION, Respondent.

United States Court of Appeals, District of Columbia Circuit.

Decided August 29, 2023.


Attorney(s) appearing for the Case

Donald B. Verrilli, Jr. , argued the cause for petitioner. With him on the briefs were Paul Mishkin , Joseph A. Hall , Daniel J. Schwartz , Elaine J. Goldenberg , and Sarah E. Weiner .

Jonathan Cooper , and Rachel Frank , were on the brief for amici curiae Blockchain Association, et al. in support of petitioner.

Joseph R. Palmore , and Adam L. Sorensen , were on the brief for amicus curiae Coinbase, Inc. in support of petitioner.

Robert A. Long, Jr. , and Kevin King , were on the brief for amicus curiae NYSE Arca, Inc. in support of petitioner.

Stephen B. Kinnaird , was on the brief for amici curiae Investor Choice Advocates Network, et al. in support of petitioner.

Jordan L. Von Bokern , Tyler S. Badgley , and Judson O. Littleton , were on the brief for amicus curiae The Chamber of Commerce of the United States of America in support of petitioner.

Emily True Parise , Senior Appellate Counsel, U.S. Securities and Exchange Commission, argued the cause for respondent. With her on the brief were Megan Barbero , General Counsel, Michael A. Conley , Solicitor, Tracey A. Hardin , Assistant General Counsel, David D. Lisitza , Senior Appellate Counsel, and Daniel T. Young , Attorney.

Before: Srinivasan, Chief Judge, Rao, Circuit Judge, and Edwards, Senior Circuit Judge.


It is a fundamental principle of administrative law that agencies must treat like cases alike. The Securities and Exchange Commission recently approved the trading of two bitcoin futures funds on national exchanges but denied approval of Grayscale's bitcoin fund. Petitioning for review of the Commission's denial order, Grayscale...

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