Proportion this newsletter
Grayscale Investments is urging the U.S. SEC to stop what it phrases an “unfairly discriminatory and prejudicial first-mover benefit,” for attainable Bitcoin ETF issuers:
1/ The previous day @Grayscale despatched a remark letter to $GBTC and different spot #bitcoin ETF information restating that the SEC is able to approve all spot bitcoin ETFs *now*, and in addition commenting at the just lately proposed SSAs. This thread clarifies some high-level issues of the letter:
— Craig Salm (@CraigSalm) July 28, 2023
Grayscale, which is these days in a criminal dispute with the SEC following the regulator’s refusal to permit the conversion of its Bitcoin Accept as true with to an ETF, defined its stance in a letter penned by way of a criminal consultant:
“As a disclosure-based regulator, the SEC must now not pick out winners and losers; as an alternative, the SEC should proceed to offer issuers with comments or steerage constantly and equitably.”
This building comes after programs by way of BlackRock, Valkyrie, Invesco and others presented a Spot Bitcoin ETF software to the SEC, which seems to have spurred further programs upon the SEC rejection.
In an SEC submitting, Nasdaq just lately disclosed that it reached phrases for a surveillance-sharing settlement with Coinbase regarding the list of BlackRock’s proposed ETF. Different exchanges, corresponding to Cboe, have integrated an identical language of their proposals.
Grayscale’s Leader Criminal Officer, Craig Salm, opined that the SEC is now ready to approve Bitcoin ETPs because it had prior to now given the nod to Bitcoin futures ETFs.
3/ That is nice. As it way spot #bitcoin ETFs will also be authorized *lately* even earlier than the proposed SSAs with spot bitcoin markets are in a position — which can take time to if truth be told input into, construct out the tech, acquire 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 best sanctioning the latest candidates would recommend a drastic shift within the SEC’s software of regulatory requirements:
“Even though Grayscale strongly helps a Fee means that may facilitate approval of all spot bitcoin ETP proposals, approving best the above-referenced proposals would mirror a good however unexpected and demanding exchange within the Fee’s software of the related statutory same old.”
