Crypto Market: Grayscale had on Thursday sent out a comment letter to the U.S. Securities and Exchange Commission (SEC) in relation to the spot Bitcoin ETF filings from companies including the Grayscale Bitcoin Trust (GBTC). The letter pertains to Grayscale as well as seven other spot bitcoin ETF filings with the surveillance sharing agreements (SSAs). Interestingly, the company reiterated its argument that the SEC already has enough reason and powers to approve the spot Bitcoin ETFs considering the previous approval of the Bitcoin futures ETFs.
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The company published the letter which detailed its position on the recent developments around Bitcoin ETF filings with the US SEC. The letter also mentions the Coinbase surveillance sharing agreements from the seven filings. However, it flagged the US SEC’s previous comment that questioned the relevance of pricing data produced by “unregulated bitcoin trading venues,” which in this case is the crypto exchange Coinbase.
“The SEC is already in a position to approve spot bitcoin ETFs based on its previous approval of bitcoin futures ETFs. The SEC’s actions related to bitcoin ETFs should be made in a fair and orderly manner.”
More importantly, Grayscale categorically stated that its spot Bitcoin ETF application deserves to be approved if and when the SEC is ready to approve other Bitcoin ETF applications. The company also made the case for the SEC being fair to investors, if and when the agency approves the ETF application by itself or with enforcement from a court judgment. Recently, CoinGape reported that the US SEC may already be in a tough spot that forces it to approve the Grayscale application. The company’s lawyers made a strong case in its favor in March 2023, when they nearly convinced judges that the US SEC was being unfair.
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