Crypto-focused asset management firm Grayscale has used the U.S. Securities and Exchange Commission’s (SEC) approval for a leveraged Bitcoin (BTC) ETF against regulators.
Grayscale wrote to the Columbia Court of Appeals on July 10 that the SEC’s decision at the end of June to a leveraged Bitcoin ETF (traded fund) given approval arguing that the regulator to spot Bitcoin ETFs opposite discrimination claimed he did. The letter is Grayscale’s filing with the SEC. GBTC fund to spot Bitcoin ETF submitted under the conversion case.
According to the information contained in the letter Volatility Shares Trust submitted for approval by the SEC. 2x Bitcoin Strategy ETF (BITX), compared to spot Bitcoin ETFs or any investment product. higher risk carrying. The regulator’s risky investment vehicle to approve spot Bitcoin ETF applications persistent somehow refusal whereas to spot ETFs applied to a to discrimination pointing out.
At the SEC’s approval point arbitrary in his letter that he had behaved repetitive The investment company made the following statements on the subject:
The fact that the Commission has authorized the release of a leveraged Bitcoin futures ETP (exchange investment product) shows that it continues to treat spot Bitcoin ETPs in an arbitrary manner as distinct from futures Bitcoin ETPs.
In this context grayscale, SEC’s discrimination between investment products put an end to for Transformation of GBTC fund including to spot Bitcoin ETFs to approve suggested that it should.
On the other hand, in the eyes of the court, the letter durable One may not be an argument presented as a possibility. On the SEC’s spot Bitcoin ETFs the main reservation he carries financial risk not reference price for registered One No spot Bitcoin exchange reminding that the letter to this reservation to any point that you did not contact underlined.