Grayscale fancies SEC has given the go-ahead for a Bitcoin ETF
Following the recent approval of a Bitcoin futures ETF, the cryptocurrency investment business has ramped up its lobbying efforts with the US regulator.
For Grayscale, the SEC should regard its application for a Bitcoin spot exchange-traded fund (ETF) no differently from a Bitcoin futures ETF, according to its attorneys’ letter to the SEC.
NYSE Arca has accepted Teucrium’s Bitcoin futures-based ETF application. A Teucrium purchase verifies our November 29, 2021 letter’s underlying argument, we feel,” reads the letter. Spot Bitcoin and Bitcoin futures are treated the same when it comes to the approval of ETPs, according to Davis Polk and Wardwell LLP, the legal firm advising Grayscale.
If the SEC is happy with a Bitcoin futures ETF, then it must also be comfortable with a Spot Bitcoin ETF,” Grayscale CEO Michael Sonnenshein tweeted. And the (1940) Act is no longer the distinguishing element for the SEC.”
Grayscale’s ETF application is likely to be decided by the SEC in July. If the application is denied, Sonnenshein has said that he would sue the SEC.