By The Daily Hodl - 2 makore apfuura - Nguva yekuverenga: 2 maminetsi
Crypto Giant Grayscale Submits Letter to SEC in Bid for Approval of First Spot Bitcoin ETF: Chirevo
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).
Maererano itsva ripoti neFinancial Times (FT), Grayscale nguva pfupi yadarika yakatumira tsamba kune iyo inodzora agency ichibvunza kana vachikwanisa kushandura yavo madhora mabhiriyoni makumi mana. Bitcoin kuvimba mune 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.
"Tinotenda kuti Teucrium order inosimbisa pfungwa huru ...
When it comes to approving [exchange-traded funds], there is no basis for treating spot Bitcoin products differently from Bitcoin futures products.”
Mune yakareba Twitter, tambo, Grayscale CEO Michael Sonnenhein Anotsanangura 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.
Naizvozvo, kana iyo SEC yakasununguka ne 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.”
Iyo SEC yakarongerwa kuita a decision on Grayscale’s Bitcoin ETF application in July.
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Mufananidzo Uripo: Shutterstock/pedrosek
The post Crypto Giant Grayscale Submits Letter to SEC in Bid for Approval of First Spot Bitcoin ETF: Chirevo yakatanga kutanga Zuva Nezuva.
Original source: Zuva Nezuva