- 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.
COINOTAG recommends • Exchange signup |
💹 Trade with pro tools |
Fast execution, robust charts, clean risk controls. |
👉 Open account → |
COINOTAG recommends • Exchange signup |
🚀 Smooth orders, clear control |
Advanced order types and market depth in one view. |
👉 Create account → |
COINOTAG recommends • Exchange signup |
📈 Clarity in volatile markets |
Plan entries & exits, manage positions with discipline. |
👉 Sign up → |
COINOTAG recommends • Exchange signup |
⚡ Speed, depth, reliability |
Execute confidently when timing matters. |
👉 Open account → |
COINOTAG recommends • Exchange signup |
🧭 A focused workflow for traders |
Alerts, watchlists, and a repeatable process. |
👉 Get started → |
COINOTAG recommends • Exchange signup |
✅ Data‑driven decisions |
Focus on process—not noise. |
👉 Sign up → |
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.
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.
COINOTAG recommends • Exchange signup |
📈 Clear interface, precise orders |
Sharp entries & exits with actionable alerts. |
👉 Create free account → |
COINOTAG recommends • Exchange signup |
🧠 Smarter tools. Better decisions. |
Depth analytics and risk features in one view. |
👉 Sign up → |
COINOTAG recommends • Exchange signup |
🎯 Take control of entries & exits |
Set alerts, define stops, execute consistently. |
👉 Open account → |
COINOTAG recommends • Exchange signup |
🛠️ From idea to execution |
Turn setups into plans with practical order types. |
👉 Join now → |
COINOTAG recommends • Exchange signup |
📋 Trade your plan |
Watchlists and routing that support focus. |
👉 Get started → |
COINOTAG recommends • Exchange signup |
📊 Precision without the noise |
Data‑first workflows for active traders. |
👉 Sign up → |
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.
COINOTAG recommends • Exchange signup |
🧱 Execute with discipline |
Watchlists, alerts, and flexible order control. |
👉 Sign up → |
COINOTAG recommends • Exchange signup |
🧩 Keep your strategy simple |
Clear rules and repeatable steps. |
👉 Open account → |
COINOTAG recommends • Exchange signup |
🧠 Stay objective |
Let data—not emotion—drive actions. |
👉 Get started → |
COINOTAG recommends • Exchange signup |
⏱️ Trade when it makes sense |
Your plan sets the timing—not the feed. |
👉 Join now → |
COINOTAG recommends • Exchange signup |
🌿 A calm plan for busy markets |
Set size and stops first, then execute. |
👉 Create account → |
COINOTAG recommends • Exchange signup |
🧱 Your framework. Your rules. |
Design entries/exits that fit your routine. |
👉 Sign up → |