Letter from Grayscale to the SEC; He cites the inconsistency in accepting Bitcoin future ETFs while Bitcoin spot ETFs are rejected.
Grayscale, Securities and Exchange Commission (SEC) for rejecting VanEck’s spot Bitcoin application.
Grayscale Bitcoin Trust(GBTC) operator, SEC secretary on November 29, 2021 Vanessa Countrymanthat the SEC has approved three future ETFs (VanEck, ProShares, Valkyrie), He said his rejection of the spot ETF was wrong.
Grayscale states that while an asset can be invested in the derivatives market, the same asset cannot be invested in itself. He stated that he had no basis. However, by treating two Bitcoin products of the same nature differently, the SEC’s Administrative Protection Act (APA) alleged violation.
Grayscale will launch GBTC in October 2021 to convert to spot Bitcoin ETF made an application, but the application It was rejected by the SEC.
Grayscale said on the subject:
“We believe that the Commission has not sufficiently taken into account the important and competitive developments that took place after rejecting the spot Bitcon ETP application for the first time in 2017.”
said.