Grayscale Chief Authorized Officer: SEC Ought to Approve All Spot Bitcoin ETF Purposes

Grayscale Chief Authorized Officer Craig Salm issued an open letter saying that the Grayscale authorized crew submitted a remark letter to GBTC’s pending 19b-4 utility and 7 different spot Bitcoin ETF filings, together with the new-proposed supervision sharing settlement (SSA ), which is as an example why the SEC ought to approve all spot Bitcoin ETF purposes.

Craig Salm wrote: We stay inspired by the momentum in spot Bitcoin ETF purposes.

This not solely highlights the continued maturation of the Bitcoin spot market, but additionally reinforces our long-standing perception that US traders ought to be capable to buy spot Bitcoin ETFs within the US.

There are a couple of key takeaways from the remark letter: First, as clarified within the lawsuit, the SEC has been in a position to approve a spot Bitcoin ETF on high of its earlier approval of a Bitcoin futures ETF.

Bitcoin’s spot and futures markets are inextricably linked (third-party analysis exhibits a 99% correlation).

Which means regulation of the CME Bitcoin futures market — a bigger market regulated by the U.S. Commodity Futures Buying and selling Fee (CFTC) and a member of the Intermarket Surveillance Group, a shared market A regulated world community of exchanges needs to be ample to forestall potential fraud or manipulation within the underlying spot Bitcoin market.

Second, the SEC’s actions associated to Bitcoin ETFs needs to be performed in a good and orderly method. As a disclosure-based regulator, the SEC shouldn’t be selecting winners and losers. As a substitute, the SEC ought to proceed to supply suggestions or steerage to issuers constantly and pretty.

Finally, that is about guaranteeing that U.S. traders are protected and ready to decide on their most popular Bitcoin funding automobile.

Practically 1 million traders in all 50 states of the USA personal GBTC, and the conversion of GBTC to ETF will convey billions of {dollars} in returns to those traders.