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Grayscale announced its legal team has delivered a letter to the US Securities and Exchange Commission (SEC) after reviewing the court's opinions, with important information for the SEC to consider as it decides on the next steps for GBTC.
Last week, a US court revoked the SEC's order to deny Grayscale's application to convert GBTC into a spot Bitcoin ETF, ruling that the SEC must review the application.
Grayscale's lawyers said in the letter that the SEC has "no grounds" to treat the proposed spot Bitcoin ETF differently from Bitcoin futures ETFs that had begun trading. "If any other reason could be offered in attempting to differentiate spot bitcoin ETPs from bitcoin futures ETPs—whether based on the Exchange Act's requirement that rules be 'designed to prevent fraudulent and manipulative acts and practices' or otherwise—we are confident that it would have surfaced by now in one of the fifteen Commission orders that rejected spot bitcoin Rule 19b-4 filings even after bitcoin futures ETPs began trading."
Grayscale also said, "The best use of resources now is for the Commission to issue an order approving NYSE Arca's Rule 19b-4 filing and authorize the staff to work with Grayscale and NYSE Arca to finalize the prompt listing of the Trust’s shares." "GBTC is ready to operate as a Bitcoin ETF upon regulatory approval, and Grayscale looks forward to further constructive engagement with the SEC."
Related: Grayscale Wins Lawsuit against SEC after Court Approved Its Petition for Reviewing Spot Bitcoin ETF
To learn more about spot Bitcoin ETFs, please visit: Journey to Spot Bitcoin ETFs
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