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Lawyers from Grayscale Investments have sent a letter to the United States Securities and Exchange Commission (SEC). They want to have a meeting with the SEC to speed up the approval process for a Bitcoin exchange-traded fund (ETF).
In their letter, they said, “We would like to meet with the SEC staff as soon as possible.” Grayscale is eager to discuss this matter with the SEC and move things forward.
Grayscale Sees No SEC Objections Remaining for Approval
According to a recent letter, Grayscale has asked the US Securities and Exchange Commission (SEC) to stop any legal actions related to turning its Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF.
This request comes after the US Court of Appeals agreed to review Grayscale’s Bitcoin ETF application, which the SEC had rejected before. The court agreed with Grayscale’s argument that not having a surveillance-sharing agreement was not a good reason to deny the application.
Grayscale also pointed out that Bitcoin Futures products, which are similar because they rely on Bitcoin’s price, are already approved.
In the letter, Grayscale mentioned that they think the SEC should decide that there’s no good reason to treat their Trust differently from ETPs (Exchange-Traded Products) that invest in bitcoin futures contracts on the Chicago Mercantile Exchange (CME). Grayscale pointed out that the SEC has already approved Rule 19b-4 filings for these ETPs in the past.
In simpler terms, Grayscale believes their Bitcoin Trust should be treated the same way as other investment products linked to Bitcoin futures that the SEC has already given the green light.
Grayscale firmly believes that there are no more reasons to block a Bitcoin ETF, and any possible objections should have already come up.
They mentioned, “We are confident that it would have surfaced by now in one of the fifteen Commission orders that rejected spot bitcoin Rule 19b-4 filings.”
Grayscale is urging the SEC to act quickly and approve the conversion of GBTC into a Bitcoin ETF. They argue that there are no reasonable explanations left to reject it. Grayscale added, “There is no valid reason to treat a bitcoin futures ETP differently from a spot bitcoin ETP under the legal analysis.”
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
