Does the SEC Have a Favourite Spot Bitcoin ETF? Grayscale Questions SEC

Grayscale Investments is urging the U.S. SEC to stop what it phrases an “unfairly discriminatory and prejudicial first-mover benefit,” for potential Bitcoin ETF issuers:

1/ Yesterday @Grayscale despatched a remark letter to $GBTC and different spot #bitcoin ETF recordsdata restating that the SEC is able to approve all spot bitcoin ETFs *now*, and likewise commenting on the just lately proposed SSAs. This thread clarifies some high-level factors of the letter:

— Craig Salm (@CraigSalm) July 28, 2023

Grayscale, which is presently in a authorized dispute with the SEC following the regulator’s refusal to permit the conversion of its Bitcoin Belief to an ETF, outlined its stance in a letter penned by a authorized consultant:

“As a disclosure-based regulator, the SEC shouldn’t decide winners and losers; as an alternative, the SEC should proceed to offer issuers with suggestions or steerage persistently and equitably.”

This improvement comes after purposes by BlackRock, Valkyrie, Invesco and others launched a Spot Bitcoin ETF utility to the SEC, which seems to have spurred extra purposes upon the SEC rejection.

In an SEC submitting, Nasdaq just lately disclosed that it reached phrases for a surveillance-sharing settlement with Coinbase in regards to the itemizing of BlackRock’s proposed ETF. Different exchanges, corresponding to Cboe, have included comparable language of their proposals.

Grayscale’s Chief Authorized Officer, Craig Salm, opined that the SEC is now able to approve Bitcoin ETPs because it had beforehand given the nod to Bitcoin futures ETFs.

3/ That is nice. As a result of it means spot #bitcoin ETFs could be authorized *right now* even earlier than the proposed SSAs with spot bitcoin markets are prepared — which can take time to really enter into, construct out the tech, achieve regulators’ approval and so on.

— Craig Salm (@CraigSalm) July 28, 2023

Grayscale is advocating for the simultaneous approval of all Bitcoin ETF proposals, fearing that solely sanctioning the latest candidates would recommend a drastic shift within the SEC’s utility of regulatory requirements: