Grayscale asks SEC to meet on ‘way forward’ for Bitcoin ETF conversion
Grayscale has actually told the Securities and Exchange Commission it has no legal thinking delegated block the conversion of the possession managers flagship Bitcoin (BTC) fund to an area exchange-traded fund (ETF). On Sept. 5, Grayscales attorneys sent a letter to the SEC asking for the set meet to talk about the next steps following the regulators court loss regarding the conversion of the Grayscale Bitcoin Trust (GBTC).” Now that the Court of Appeals has actually spoken, there is no available rationale that would distinguish a Bitcoin futures ETP from a spot Bitcoin ETP under the legal analysis formerly embraced by the Commission in turning down area Bitcoin ETPs.” Grayscale included it believes the SEC ought to conclude there are “no premises” for dealing with the GBTC differently from Bitcoin futures ETFs whose filings “the Commission has formerly authorized.” On Aug. 29, a United States Appeals Court ruled against the SECs rejection of Grayscales application to convert its GBTC to an area Bitcoin ETF.Screenshot of the letter sent to the SEC by Grayscales kept law office Davis Polk. Source: GrayscaleGrayscale said if there was any other factor for rejecting the conversion besides the Exchange Acts requirement that guidelines be “designed to avoid manipulative and fraudulent practices and acts,” it would have already been made evident.” We are confident that it would have appeared by now in one of the fifteen Commission orders that rejected area Bitcoin filings even after Bitcoin futures ETPs started trading,” Grayscale wrote.Grayscale included its fund conversion application has been pending for almost 3 times longer than the length of time specified by the SECs rules.Joseph A. Hall– who also penned Grayscales letter in July urging the SEC to approve all pending ETF applications together– concluded his newest letter by saying:” We believe the Trusts almost one million investors deserve this reasonable playing field as rapidly as possible.” Related: Grayscale wins the court battle, however what does this mean for a spot Bitcoin ETF?Since the Aug. 29 court ruling the GBTC discount– the percentage revealing how far off an ETF is trading above or below its net asset value– has actually been up to 19.9%. GBTCs discount was nearing negative 50% during the bear cycle bottom following the FTX collapse in December 2022. Magazine: How to protect your crypto in an unpredictable market– Bitcoin OGs and experts weigh in
