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Grayscale Urges SEC to Authorize All Bitcoin ETFs Simultaneously

Posted on July 30, 2023

Grayscale Bitcoin Trust issued an instructive statement to the Securities and Exchange Commission (SEC) besides the lawsuit for failing to change GBTC into a spot Bitcoin ETF.

Approve Spot Bitcoin ETF Applications Fairly

According to Grayscale, the SEC must simultaneously approve all spot Bitcoin ETFs. Grayscale revisited numerous comment letters on Thursday for SEC to grant spot Bitcoin ETF sought by various firms. Craig Salm, Grayscale’s Chief Legal Officer, states that the actions by SEC regarding bitcoin ETFs should be implemented orderly and fairly. Since the agency is a disclosure-founded regulator, it should not choose winners and losers.  

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Assets worth more than $18 billion are held by the Grayscale Bitcoin Trust (GBTC) management. Besides, the investment vehicle exposes investors to the oldest coin in crypto. The company decided to take the SEC to court because of the constant failure to change its flagship Bitcoin fund into a spot Bitcoin ETF.

Crypto Executives Support Grayscale Charges Against SEC’s Refusal for Bitcoin ETF

The move to challenge SEC’s decision garners support from crypto executives who regret the Gary Gensler-led regulator for subjecting Grayscale stock to discounted pricing. Gemini’s Winklevoss asset that approval of the Grayscale conversion request would enable the trust to realize its real potential.

A spot Bitcoin ETF would benefit institutions by enhancing Bitcoin exposure without the need to hold the coin directly. In the crypto community, it is considered a path toward the large-scale adoption of Bitcoin. Besides, it is a confirmation of crypto as an asset class. Last month, an application from BlackRock resulted in bits of spot Bitcoin ETF applications hitting the regulator’s desk. Companies such as Invesco, Fidelity, and WisdomTree came with applications, possibly converting the pursuit of ETF approval into a regulatory footrace.

SEC Cites Vulnerability of Bitcoin ETF to Manipulation and Fraud Warrants Denied Approval

The Securities and Exchange Commission has derailed its spot Bitcoin ETF approval for over a decade. Possible manipulations and fraud are the reasons behind various applications’ rejection. The agency claimed that last month, applications by Fidelity and BlackRock were unsatisfactory since the supposed surveillance-sharing agreements for market assessment failed to meet expectations.

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Future-founded ETF’s pricing is founded on contracts trading on commodity exchanges, for instance, the Chicago Mercantile Exchange. On the other hand, spot-founded ETFs would benefit investors by granting direct exposure to Bitcoin.

Fidelity, BlackRock, and other firms have since had their applications revised. BlackRock revealed that its way of addressing SEC’s concerns would involve concluding a surveillance contract with Coinbase.

Coinbase and Nasdaq would partner in the surveillance-sharing arrangement to offer exchange market data for trades and orders. In addition, Nasdaq would also be in a position to request data from Coinbase to examine likely manipulation.

SEC Faulted for Continued Decline of Bitcoin ETF Despite Approval of Futures Variant

The Securities and Exchange Commission has already approved numerous futures-based Bitcoin ETFs. This includes a leveraged one, and according to Grayscale’s argument, this is sufficient. Salm restated Grayscale’s point of view by claiming a complex link exists between Bitcoin’s spot and future markets. In addition, the existing surveillance treaties for products under the Commodity Futures Trading Commission’s regulation must be adequate.

During a hearing in March, the judge involved in Grayscale’s case against the Securities and Exchange Commission seemed to depict compassion to the GBTC provider. He analyzed the agency’s unwillingness, which was an autocratic decision according to Grayscale.

Whether the approval of a spot ETF by the SEC is inspired by a court mandate or evolution in the view concerning the matter, Salm claimed it should be carried out in a manner that equally benefits both issuers and investors.

Grayscale has indicated its intention to partner with regulators to ensure the approval of a spot ETF application. Its initial application to change GBTC into an ETF happened in 2016. On Thursday, Salm echoed the company’s enthusiasm by claiming they would do everything possible to swap GBTC to an ETF. 

Editorial credit: T. Schneider / Shutterstock.com


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