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Crypto asset supervisor Grayscale urged the Securities and Change Fee (SEC) to approve all spot Bitcoin ETFs concurrently in order that not one of the eight candidates have a first-mover benefit.
The primary bitcoin futures ETF was launched in October 2021, and was one of the closely traded ETFs in market historical past, attracting property of greater than $1 billion in its first few days of buying and selling, in keeping with the Financial institution for Worldwide Settlements.
”The SEC mustn’t choose winners and losers,” mentioned chief authorized officer Craig Salm in a remark posted on Grayscale’s web site along with a letter written by its authorized staff to the SEC. ”For the good thing about Bitcoin, the market, and traders, all spot bitcoin ETF functions ought to be accepted concurrently. ”
The SEC ought to approve spot #bitcoin ETFs to commerce within the US. What’s extra, their earlier approval of bitcoin futures ETFs exhibits that they’re already able to take action. Learn extra concerning the newest from our authorized staff: https://t.co/UC8ksqNcwy $GBTC $BTC
— Grayscale (@Grayscale) July 27, 2023
Grayscale Inspired
Salm mentioned Grayscale’s inspired by the elevated momentum round spot bitcoin ETF filings. The filings underscore the maturation of the bitcoin spot market, and reinforce the compan’s perception that American traders ought to have entry to identify bitcoin ETFs within the US, he added.
The earlier relationship between Grayscale and the SEC has been advanced and contentious, underscored by Grayscale’s lawsuit in opposition to the regulator in June 2022 after the rejection of its ETF software for Grayscale Bitcoin Belief BTC.
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