Grayscale Investment lawyers have written a letter to the United States Securities and Exchange Commission (SEC), seeking a meeting to expedite the approval process for a Bitcoin exchange-traded fund (ETF).
“We would appreciate the opportunity to meet with the staff of the Securities and Exchange Commission as soon as practical,” the letter stated.
Grayscale Sees No Remaining SEC Objections For Approval
According to a recent letter, Grayscale demands the US Securities and Exchange Commission to halt any ongoing legal proceedings concerning the conversion of its Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF.
This follows the US Court of Appeals’ approval of Grayscale’s request for the SEC to reevaluate its Bitcoin ETF application, which the SEC had initially denied. The court concurred with Grayscale’s contention that the absence of a surveillance-sharing agreement did not constitute a valid argument.
Grayscale further substantiated this by drawing parallels with Bitcoin Futures products, which also depend on Bitcoin’s underlying price.
The letter stated,
“We believe the Commission should conclude that there are no grounds for treating the Trust differently from ETPs that invest in bitcoin futures contracts traded on the Chicago Mercantile Exchange (“CME”) whose Rule 19b-4 filings the Commission has previously approved.”
Grayscale believes there are no additional arguments against a Bitcoin ETF product, and any further objections would have already surfaced. “We are confident that it would have surfaced by now in one of the fifteen Commission orders that rejected spot bitcoin Rule 19b-4 filings,” the letter stated.
Grayscale suggests that the SEC should “move expeditiously” to approve the conversion of the GBTC into a Bitcoin ETF.
It further argues there are no more rational avenues available to reject the product. “There is no available rationale that would distinguish a bitcoin futures ETP from a spot bitcoin ETP under the legal analysis,” the letter further noted.
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