Grayscale Call: SEC Should Approve GBTC’s Conversion to Bitcoin ETFs

Crypto News – The SEC is urged by Grayscale Investments to accept its application for a Bitcoin ETF.

Grayscale Call: SEC Should Approve GBTC’s Conversion to Bitcoin ETFs

According to reports, Grayscale Investments requested the Securities and Exchange Commission (SEC) to accept the company’s proposal for the conversion of Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF), contending that the authorities have no reason to deny the application. In a formal letter, Grayscale’s legal team stated that subject to SEC approval, GBTC is prepared to function as a Bitcoin spot ETF.

No Difference Between Bitcoin Futures Exchange Traded Products (ETPs) and Spot Bitcoin ETPs

Grayscale shared the letter earlier today on X. It emphasized that the SEC’s judgment on its application has been delayed for over three times the allotted time under the Exchange Act.

The letter drew attention to the fact that there is no discernible basis for differentiating between Bitcoin futures exchange-traded products (ETPs) and spot Bitcoin ETPs. If so, it has been suggested that it would have appeared by now in one of the fifteen Commission orders rejecting spot Bitcoin Rule 19b-4 filings even after Bitcoin futures ETPs began trading.