Digital asset manager Grayscale has launched a new effort to get the approval from U.S. Securities and Exchange Commission (SEC) over BTC ETF.
As the year 2022 is passing by, the call for Bitcoin (BTC) exchange traded funds (ETF) is also on a rise. Experts believe that sooner or later it will make its way to Wall Street exchanges.
Grayscale ETF could be approved as soon as July
According to a report, the Grayscale wrote a letter to the commission focusing on the legal technicalities to boost up its request. The asset manager is looking to convert its $40 billion worth of Bitcoin into an ETF. Grayscale’s move has come amid a time when the commission is having a discussion over exchange traded fund’s future. However, the decision over Grayscale’s request can come out anytime in July.
It is been reported that around three such crypto related ETFs are already in the line for consent. Meanwhile, Grayscale’s proactive approach will eventually push the SEC to make its decision on time.
Grayscale in the letter mentioned that “when it comes to approving, there is no basis for treating spot bitcoin products differently from bitcoin futures products.”
SEC running out of excuses?
Craig Salm, CLO of Grayscale, has raised the point that the commission is continually losing its potential to rely on the difference between ETF’s rules and spot ETF’s regulations.
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The commission has cited “difficulty in tracking and manipulation in the market” of crypto assets as the main reason for declining the spot crypto ETFs. Exchange funds holding crypto futures are already live in the market as their trades are being monitored by the regulators.
Meanwhile, SEC head Gary Gensler has been a big opposer to the crypto market. He highlighted that the digital assets market is unregulated, thus raising manipulation and fraud concerns. Earlier, SEC made its steps toward registering crypto platforms with the commission.
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