Coinspeaker
Grayscale Wants SEC to Approve All Spot Bitcoin ETFs at Once
Over the last month, the US Securities and Exchange Commission (SEC) has been flooded with spot Bitcoin ETF applications with BlackRock making the first moves. Later, some of the top financial giants submitted their Bitcoin ETF applications to the federal securities regulator. World’s largest crypto asset manager Grayscale Investments has now urged the SEC to approve all spot Bitcoin ETFs at once, thereby avoiding any one applicant getting the advantage over the other.
On Thursday, July 27, Grayscale’s Chief Legal Officer Craig Salm stated that his legal team has submitted a letter to the SEC for the eight Bitcoin ETF applications. He wrote:
“The SEC’s actions related to bitcoin ETFs should be done in a fair and orderly manner. As a disclosure-based regulator, the SEC should not pick winners and losers.”
Grayscale clarifies that while they do not view the introduction of a spot bitcoin market as the definitive solution for approving spot bitcoin ETFs in the US. They are also supportive of initiatives that provide investors with access to the crypto ecosystem. As an organization committed to adhering to US financial regulations, Grayscale applauds any progress that enhances oversight of centralized crypto markets. Additionally, they expressed their willingness to take necessary actions to convert GBTC (Grayscale Bitcoin Trust) into an ETF.
SEC should Have Fair Treatment for All Applicants
In the past, the US SEC has rejected several spot Bitcoin ETF applications. However, with the world’s largest asset manager BlackRock participating this time, market analysts are quite bullish. For crypto fund managers like Grayscale, this is of course going to be a win-win situation in the end.
But Grayscale believes that SEC actions towards Bitcoin ETFs should be fair and in an orderly manner. “As a disclosure-based regulator, the SEC should not pick winners and losers; instead, the SEC should continue to provide issuers with feedback or guidance consistently and equitably,” noted Grayscale.
According to Grayscale, the SEC should approve a spot bitcoin ETF in a fair manner that considers the interests of all investors and issuers, regardless of whether it happens due to a Court mandate or a shift in the SEC’s stance. Grayscale advocates for the simultaneous approval of all spot Bitcoin ETF applications to benefit Bitcoin, the market, and investors collectively.
Grayscale Wants SEC to Approve All Spot Bitcoin ETFs at Once
