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Crypto Giant Grayscale Submits Letter to SEC in Bid for Approval of First Spot Bitcoin ETF: Lipoti
Crypto asset manager Grayscale has reportedly submitted a letter to the U.S. Securities and Exchange Commission (SEC) in an attempt to get the nod for the first spot-based Bitcoin (BTC) exchange-traded fund (ETF).
E tusa ai ma se mea fou tala e le Financial Times (FT), na lafo talu ai nei e Grayscale se tusi i le lala sooupu e fesiligia pe mafai ona latou faaliliuina a latou $40 piliona. Bitcoin fa'alagolago ile ETF.
So far, the SEC has rejected every other spot-based Bitcoin ETF application while giving the green light for futures-based Bitcoin EFTs.
In the letter seen by FT, Grayscale mentions the approval of Teucrium’s futures Bitcoin ETF and argues that a spot-based Bitcoin ETF should also be governed by the same rules.
"Matou te talitonu o le Teucrium order e faʻamaonia ai le manatu autu ...
When it comes to approving [exchange-traded funds], there is no basis for treating spot Bitcoin products differently from Bitcoin futures products.”
I se Twitter umi, filo, Grayscale CEO Michael Sonnenhein faamatala why Teucrium’s futures Bitcoin ETF is not different from a spot Bitcoin ETF
“Today, in approving Teucrium’s application under the ’33 Act, the SEC cleverly decided to define the market as just the CME (Chicago Mercantile Exchange) Group and the underlying assets as just CME Bitcoin futures, which of course makes CME significant since its 100% of the CME Bitcoin futures market!
What’s wrong with this argument? Well, digging deeper, lets remember that CME Bitcoin futures are *priced based on spot Bitcoin markets* and therefore directly influenced by them.
O le mea lea, afai e faʻalelei le SEC i se Bitcoin futures ETF, they must also be comfortable with a spot Bitcoin ETF. And they can no longer justifiably cite the ’40 Act as being the differentiating factor.”
O le SEC ua fa'atulaga e fai a decision on Grayscale’s Bitcoin ETF application in July.
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