Grayscale Takes New Step to Get SEC Approval Regarding Bitcoin ETF
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Answer Grayscale Takes New Step to Get SEC Approval Regarding Bitcoin ETF
Digital asset management company Grayscale has announced a new move to obtain approval from the US Securities and Exchange Commission (SEC) for its Bitcoin ETF.
As 2022 passes, the demand for crypto ETFs is on the rise.
Experts believe that sooner or later these funds will make their way to Wall Street.
Grayscale is likely to get approval in July:
According to reports, Grayscale has written a letter to the SEC focusing on technical aspects to bolster its application.
Grayscale is looking to turn $40 billion worth of bitcoin into an ETF.
The “Grayscale” move came amid a time when the regulator is in discussion about the future of exchange-traded funds.Read:Bitcoin Fees Rise to High Levels Before Bitcoin Mining Bonus Splits
A decision on the Grayscale application could be made at any time in July.
There are about three crypto-linked ETFs already in line for approval.
Meanwhile, Grayscale’s proactive approach will eventually cause the SEC to make its decision on time.
Grayscale stated in the letter that when it comes to approval, there is no basis for treating spot bitcoin products differently than bitcoin futures products.
The SEC’s excuses are approaching:
Craig Salem of Grayscale made the point that the authority is constantly losing its ability to rely on the difference between ETF rules and spot ETF regulations.
The authority previously indicated that its refusal of all applications was due to the difficulty of tracking and manipulating cryptocurrencies in the market.
Meanwhile, the head of the SEC has been a vocal opponent of the spot crypto market, asserting that the cryptocurrency market is unregulated, raising fears of manipulation and fraud.Read:Bitcoin Drops Below $47,000 Despite Bitcoin Supply Drop in Trading Platforms to All-Time Lows
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