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- Grayscale Investments has stated that there is “no reason” for the rejection of the transformation of the Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF).
- Judge Neomi Rao agreed that the product proposed by Grayscale is materially no different from exchange-traded products (ETPs) of Bitcoin futures already trading in the U.S.
- While the SEC is not obligated to grant approval, the tone of Grayscale’s letter suggests that approval is now considered a definitive outcome.
Grayscale’s legal team criticized the regulator’s stance in a letter to the U.S. Securities and Exchange Commission (SEC), stating that there is no reason to reject this ETF.
Grayscale’s Letter to U.S. Regulator Released
Grayscale Investments has reported that there is “no reason” for the rejection of the transformation of the Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC).
Last week, a decision was announced in the D.C. Court of Appeals, ordering the SEC to reconsider its prior rejection of the transformation. Judge Neomi Rao agreed that the product proposed by Grayscale is materially no different from exchange-traded products (ETPs) of Bitcoin futures already trading in the U.S.
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Grayscale’s legal team, in a letter sent to the regulator on Tuesday, stated, “After having the opportunity to fully analyze the Commission’s reasons for rejection in light of the court’s decision, we believe the Commission should conclude that there is no basis for treating the Trust differently from ETPs investing in Bitcoin futures contracts.”
Grayscale Criticizes SEC’s Stance
Grayscale also took a look at the SEC’s history of rejecting spot Bitcoin ETF applications, saying that if there were any differences between them and futures-based products, it would appear in one of the 15 Commission orders that have so far rejected the spot Bitcoin rule. Even after Bitcoin futures ETPs started trading, 19b-4 applications were filed.
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Last week’s court order required the SEC to review Grayscale’s application, not mandating its approval, but the tone of Grayscale’s letter seems to imply that approval is now a definitive conclusion.
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