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Grayscale Investments is urging the U.S. SEC to forestall what it phrases an “unfairly discriminatory and prejudicial first-mover benefit,” for potential Bitcoin ETF issuers:
1/ Yesterday @Grayscale despatched a remark letter to $GBTC and different spot #bitcoin ETF information restating that the SEC is able to approve all spot bitcoin ETFs *now*, and likewise commenting on the just lately proposed SSAs. This thread clarifies some high-level factors of the letter:
— Craig Salm (@CraigSalm) July 28, 2023
Grayscale, which is at present in a authorized dispute with the SEC following the regulator’s refusal to permit the conversion of its Bitcoin Belief to an ETF, outlined its stance in a letter penned by a authorized consultant:
“As a disclosure-based regulator, the SEC shouldn’t decide winners and losers; as an alternative, the SEC should proceed to supply issuers with suggestions or steerage constantly and equitably.”
This growth comes after purposes by BlackRock, Valkyrie, Invesco and others launched a Spot Bitcoin ETF utility to the SEC, which seems to have spurred extra purposes upon the SEC rejection.
In an SEC submitting, Nasdaq just lately disclosed that it reached phrases for a surveillance-sharing settlement with Coinbase in regards to the itemizing of BlackRock’s proposed ETF. Different exchanges, equivalent to Cboe, have included comparable language of their proposals.
Grayscale’s Chief Authorized Officer, Craig Salm, opined that the SEC is now able to approve Bitcoin ETPs because it had beforehand given the nod to Bitcoin futures ETFs.
3/ That is nice. As a result of it means spot #bitcoin ETFs will be accepted *as we speak* even earlier than the proposed SSAs with spot bitcoin markets are prepared — which is able to take time to really enter into, construct out the tech, acquire regulators’ approval and many others.
— Craig Salm (@CraigSalm) July 28, 2023
Grayscale is advocating for the simultaneous approval of all Bitcoin ETF proposals, fearing that solely sanctioning the latest candidates would counsel a drastic shift within the SEC’s utility of regulatory requirements:
“Though Grayscale strongly helps a Fee strategy that may facilitate approval of all spot bitcoin ETP proposals, approving solely the above-referenced proposals would mirror a optimistic however sudden and vital change within the Fee’s utility of the related statutory customary.”
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