crypto asset management firm grayscaleis trying to persuade the US Securities and Exchange Commission (SEC) of its first spot market Bitcoin (BTC) exchange-traded fund (ETF).
He made a special presentation to the SEC to persuade the firm to allow it to convert the Grayscale Bitcoin Trust (GBTC) into an ETF traded on the New York Stock Exchange (NYSE), according to a new report from CNBC.
To attract regulatory attention, Grayscale states that the transformation will expand access to the best crypto asset with market cap Bitcoin, increase the maintenance of trust, and unlock up to $8 billion for investors.
Grayscale also has the SEC’s Bitcoin ETFHe added that they would like to see them treat their . So far, although the SEC has approved a large number of futures-based Bitcoin ETFs, no spot market proposal has so far given any confirmation.
According to an asset manager on CNBC, the SEC approves Bitcoin futures ETFs and rejects Bitcoin spot ETFs, which is pure discrimination.
Grayscale CEO Michael Sonnenheim complained in late April about the SEC’s perceived unfair treatment of the two different types of ETFs, after the SEC approved a futures-based ETF from ETF provider Teucrium.
The SEC is scheduled to make a decision by July 6.