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 left to obstruct the conversion of the possession supervisors flagship Bitcoin (BTC) fund to a spot exchange-traded fund (ETF). On Sept. 5, Grayscales lawyers sent out a letter to the SEC requesting the set satisfy to talk about the next actions 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 offered reasoning that would identify a Bitcoin futures ETP from a spot Bitcoin ETP under the legal analysis previously adopted by the Commission in turning down area Bitcoin ETPs.” Grayscale added it thinks the SEC ought to conclude there are “no grounds” for treating 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 transform its GBTC to a spot Bitcoin ETF.Screenshot of the letter sent out to the SEC by Grayscales retained law office Davis Polk. Source: GrayscaleGrayscale said if there was any other reason for rejecting the conversion besides the Exchange Acts requirement that rules be “designed to prevent deceitful and manipulative acts and practices,” it would have currently been made evident.” We are positive that it would have emerged by now in among the fifteen Commission orders that declined spot Bitcoin filings even after Bitcoin futures ETPs began trading,” Grayscale wrote.Grayscale included its fund conversion application has actually been pending for nearly three times longer than the length of time stipulated by the SECs rules.Joseph A. Hall– who also penned Grayscales letter in July urging the SEC to authorize all pending ETF applications together– concluded his newest letter by stating:” We believe the Trusts almost one million financiers deserve this fair playing field as quickly as possible.” Related: Grayscale wins the court battle, but what does this mean for an area Bitcoin ETF?Since the Aug. 29 court judgment, the GBTC discount– the percentage demonstrating how far off an ETF is trading above or listed below its net property value– has actually fallen to 19.9%. GBTCs discount was nearing negative 50% during the bear cycle bottom following the FTX collapse in December 2022. Gather this article as an NFT to protect this moment in history and reveal your support for independent journalism in the crypto space.Magazine: How to protect your crypto in an unstable market– Bitcoin OGs and specialists weigh in