There has been a new development in the spot Bitcoin (BTC) exchange-traded fund (ETF) lawsuit between the US Securities and Exchange Commission (SEC) and digital asset manager Grayscale. The SEC submitted its first legal brief on the case.
grayscale December 9 In a statement made on its official website on Grayscale Bitcoin Trust (GBTC) spot Bitcoin ETFto be converted to rejection He stated that the SEC submitted its first legal summary. Grayscale’s a milestone in this document as SECGBTC’s refusal to convert to a spot Bitcoin ETF based on reasonable grounds He claimed.
In the summary submitted by Grayscale in October, the company noted that although it has approved several futures Bitcoin ETFs, the spot Bitcoin ETF has not been approved. an arbitrary decision described it as. Grayscale, SEC not protecting the interests of investors had accused.
In the first legal summary released by the SEC on Dec. based on reasonable grounds It was suggested that it was. The institution offers futures Bitcoin ETFs and spot Bitcoin ETFs. basically different products Emphasizing that it is necessary to allow futures products and reject spot products does not have any quality expressed.
The institution had previously only at CME (Chicago Mercantile Exchange) ETFs with traded futures contracts are approved and underlying assets for this reason subject to strict surveillance He stated he was being held. The SEC considers the spot Bitcoin market relative to the futures Bitcoin market. fragmented and messy and that CME’s oversight of the futures Bitcoin market will be effective in reducing fraud and manipulation in the spot market. no basis provided stated the reason for the refusal. In addition, the SEC has stated that the application denial states that Bitcoin has unacceptable status as an investment or that there is merit-based skepticism. He also underlined that he did not.
Grayscale made a distinction between futures and spot in the statement published on its website in response to this summary. an unequal field of activity arguments for creating repeated and as soon as possible will fully review stated.