Bitcoin
Grayscale Persuades Simultaneous Approval of All Bitcoin ETFs by SEC
Grayscale urges SEC to simultaneously approve its ETFs and compete for the price range for the same possibilities.
Grayscale, a famous crypto fund management company, is persuading the US Securities and Exchange Commission (SEC) to authorize the applications for BTC ETFs concurrently. By doing this, Grayscale intends SEC to prevent any single entity from taking advantage of being approved before the others.
Grayscale’s Recent Letter Says SEC Should Authorize BTC ETFs Concurrently
On the 27th of July, Craig Salm (the chief legal officer at Grayscale) stated that the legal team of the platform filed a letter concerning 8 spot Bitcoin exchange-traded funds-related requests. One of them was submitted by Grayscale. The company argued that the US securities regulator should not select winners and losers. On the other hand, it added, the SEC should make an orderly and fair decision.
The SEC should approve spot #bitcoin ETFs to trade in the US.
— Grayscale (@Grayscale) July 27, 2023
What’s more, their previous approval of bitcoin futures ETFs shows that they are already in a position to do so.
Read more about the latest from our legal team: https://t.co/UC8ksqNcwy $GBTC $BTC
The letter asserted that the SEC could authorize the spot ETF-related applications based on the authorizations given to BTC futures ETFs. To support its argument the platform said these 2 fund types are inseparably connected. The company added that the recent surveillance sharing agreements (or SSAs) between spot ETF-providing entities and Coinbase are not categorized as a unique idea.
Also Read: Monochrome Amends Its Application for Spot Bitcoin ETF
Applicants Modify Their ETF Submissions
It also asserted that it would not fulfil the standards established by the US securities regulatory agency. In an official Twitter post shared by Grayscale, it noted that the former approval given by the SEC highlights that the agency is well positioned to do as the platform asks it to. ETF filings made by ARK Invest, Fidelity, Wisdom, VanEck, Valkyrie, BlackRock, and Invesco were updated recently. The purpose of those updates was to consider SSAs with the crypto exchange Coinbase. In this respect, the crypto exchange would share information regarding the trading books as well as the rest of the information. With this, the securities regulator can administer any likely irregular trading operation or market manipulation.
