Grayscale Urges SEC to Approve Spot Bitcoin ETF Soon
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In June 2022, Grayscale filed a suit against the SEC for denying its application to convert its product, GBTC, into an ETF.
After the US court granted its petition on August 29, the organization drafted letter to the regulator, urging them to “expeditiously” approve a spot Bitcoin ETF, noting the inconsistent approach the SEC has taken towards crypto investment products.
Grayscale’s lawyers argued that the trust should be treated the same as ETFs that invest in Bitcoin futures contracts, referencing the Commission’s finding that the Chicago Mercantile Exchange is regulated under the same market oversight agreement.
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