Crypto NewsNewsGrayscale Lawyers Sent Letter Regarding Bitcoin ETF, Requesting a Meeting from SEC

Grayscale Lawyers Sent Letter Regarding Bitcoin ETF, Requesting a Meeting from SEC

Grayscale wants to meet with the SEC to discuss its proposal to convert the Grayscale Bitcoin Trust into a spot Bitcoin exchange-traded fund.

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Grayscale Investments is seeking a meeting with the U.S. Securities and Exchange Commission (SEC) to discuss its proposal to convert the Grayscale Bitcoin Trust into a spot Bitcoin exchange-traded fund (ETF).

Grayscale Pushes SEC to Approve Spot Bitcoin ETF Conversion

The asset management firm is calling on the regulator to approve this transformation and emphasizes the importance of a level playing field for investors.

In a letter sent to the SEC, Grayscale's legal team stated the following:

“We expect that the best use of resources is for the Commission to issue an order approving NYSE Arca's Rule 19b-4 application and to authorize staff to work with Grayscale and NYSE Arca to complete the immediate listing of the Trust's shares.

“We believe the Foundation's nearly one million investors deserve this level playing field as quickly as possible.”

Grayscale's move follows a recent decision by three judges on the U.S. Court of Appeals for the DC District.

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The justices ruled that the SEC should reconsider Grayscale's spot Bitcoin ETF request.

Grayscale had taken legal action against the SEC after its proposal to convert its flagship Grayscale Bitcoin Trust (GBTC) into a spot ETF was rejected by the agency.

The court decision specifically addressed the SEC's disparate treatment of spot Bitcoin ETFs compared to similar funds based on SEC-approved Bitcoin futures contracts.

Grayscale's legal team argues that there is no justification for the company to be treated differently from Bitcoin futures ETFs. In the latest court decision, it was stated that the SEC did not accept the spot Bitcoin ETF on an “unfounded” basis.

*This is not investment advice.



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