Digital asset manager Grayscale bitcoin It has launched a new study to gain approval from the United States Securities and Exchange Commission (SEC) on its ETF.
Demand for the Bitcoin spot ETF continues to increase in the current year 2022. According to experts, the spot BTC ETF will eventually be listed on Wall Street exchanges.
“Grayscale Bitcoin ETF May Get Approval By July”
According to the news in the Financial Times, Grayscale sent a new letter to the SEC and focused on some legal techniques that are believed to increase the power of its application.
The famous asset manager company wants to convert its $ 40 billion BTC fund into an ETF. A decision on Grayscale’s application is expected in July.
Currently there are 3 cryptocurrency The themed ETF is awaiting SEC approval. However, with Grayscale’s moves, the SEC may be forced to make its decision in a timely manner.
In its latest letter to the SEC, the company said:
“Given the approval of Teucrium’s futures crypto tool, we conclude that there is no basis for valuing Bitcoin spot products differently from BTC futures.”
The SEC May Have No More Excuses
Grayscale’s CLO, Craig Salm, said in a statement that the SEC’s decisions, which he based on differences between ETF rules and spot ETF regulations, are starting to lose their potential.
The SEC has stated several times that the most important reason for rejecting spot cryptocurrency ETFs is “difficulties in monitoring and manipulation in the market”.
However, cryptocurrency futures ETFs are already in the market and are regulated by regulators.
*Not investment advice.