Grayscale has sent a letter to the SEC requesting a meeting with the regulator to discuss converting GBTC into a spot BTC ETF following last week’s Court of Appeals ruling.
- Digital asset management firm Grayscale has sent a letter to the Securities and Exchange Commission requesting a sit-down with the regulator following last week’s ruling that the SEC must review the firm's application to convert the Grayscale Bitcoin Trust to a spot BTC exchange-traded fund after previously rejecting the application.
“Now that the Court of Appeals has spoken, there is no available rationale that would distinguish a Bitcoin futures ETP from a spot Bitcoin ETP [exchange-traded product] under the legal analysis previously adopted by the Commission in rejecting spot Bitcoin ETPs,” Grayscale said. The letter noted that the Rule 19b-4 filing for the Trust has been “pending for nearly three times the length permitted for Commission action under Section 19 of the Exchange Act,” and highlighted that according to Section 19 of the Act, “a proposed rule change is deemed approved by the Commission if the agency does not issue an order one way or the other within the statutory timeframe.
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