Grayscale makes the first move in its case against the SEC over the rejection of a Bitcoin ETF. 

Grayscale has filed its opening brief against the U.S. Securities Exchange Commission (SEC) to challenge its decision to deny Grayscale’s request to change the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.

The biggest digital asset management company in the world sent its first legal brief to the U.S. Court of Appeals for the District of Columbia Circuit on Oct. 11. It said that the SEC’s rejection was “arbitrary, capricious, and unfair.”