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- Grayscale Investments urges the SEC to approve its Bitcoin ETF software.
- The corporate’s authorized group claims that the SEC has no grounds to reject Grayscale’s request for GBTC conversion.
- The group reiterates that there isn’t a rationale to distinguish between Bitcoin futures ETPs and spot Bitcoin ETPs.
Grayscale Investments reportedly urged the Securities and Change Fee (SEC) to approve the corporate’s software for the conversion of Grayscale Bitcoin Belief (GBTC) into an exchange-traded fund (ETF), claiming that the regulators maintain “no grounds” to reject the request. In an official letter, Grayscale’s authorized group asserted that GBTC is able to function as a Bitcoin spot ETF upon approval from the SEC.
Earlier right now, Grayscale took to X (Twitter) to share the letter, and spotlight that the SEC’s resolution relating to its software has been pending for nearly 3 times the permitted interval as per the Change Act. The letter spotlighted that there isn’t a identifiable rationale that would distinguish between Bitcoin futures exchange-traded merchandise (ETPs) and spot Bitcoin ETPs, including that if there existed such a distinction, “it could have surfaced by now in one of many fifteen Fee orders that rejected spot Bitcoin Rule 19b-4 filings even after bitcoin futures ETPs started buying and selling”.
Grayscale’s motion got here following a current courtroom ruling that discovered the SEC’s rejection of Grayscale’s ETF software was unjustified, and ordered the regulator to re-evaluate the petition. Highlighting the massive variety of GBTC traders being saved in suspense by the SEC amid the current rush of competing Bitcoin ETF functions, the corporate reiterated its place within the letter:
And so we hope you’ll agree that the most effective use of sources now’s for the Fee to concern an order approving NYSE Arca’s Rule 19b-4 submitting and authorize the employees to work with Grayscale and NYSE Arca to finalize the immediate itemizing of the Belief’s shares. We imagine the Belief’s practically a million traders deserve this truthful enjoying subject as shortly as potential.
In an interview, Grayscale CEO Michael Sonnenshein commented that the conversion of GBTC to an ETF was the corporate’s “final aim”. He added, “An ETF format was what we all the time conceived of and that’s all the time what we supposed to do even earlier than we launched the product again in 2013”.