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Bulk Correspondence to SEC Demanding Approval of “Grayscale” Bitcoin ETF

Bulk Correspondence to SEC Demanding Approval of “Grayscale” Bitcoin ETF

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Answer Bulk Correspondence to SEC Demanding Approval of “Grayscale” Bitcoin ETF

The US Securities and Exchange Commission (SEC) has received a flood of letters regarding Grayscale’s Bitcoin ETF.

While the authority’s decision towards it is still pending.

Investors enter into dialogue with the SEC:

The SEC has received more than 195 letters on the subject of Grayscale’s Bitcoin ETF since October 2021.

Most of these messages arrived this month, as in the current month of February alone, the authority received 184 messages.

The growth in messages this month is likely due to increased awareness of the issue on social media.

The SEC asked for comment publicly on February 1, and Grayscale tweeted about the matter on February 10.

Read:Whales continue to hoard bitcoins and await decision on bitcoin ETF

The messages in the file are varied and have been sent by citizens, anonymous commentators, engineers, financial advisors, lawyers, professors and corporate leaders.

Some write to support the “Grayscale” proposal, arguing that the Bitcoin ETF will help grow the cryptocurrency market and create more regulated investment options.

While other messages carried opposition to the use of cryptocurrencies in general.

Michael Sonnenchin, CEO of Grayscale, said:

A lot of the messages echoed what we’ve been saying in Grayscale for some time and we still do today.

Investors have been patient and deserve a place in the Bitcoin ETF.

SEC in continual rejection of Bitcoin ETFs:

The Securities and Exchange Commission (SEC) has not yet approved a Bitcoin ETF that tracks the currency’s trading price in real time.

The authority has repeatedly rejected applications with such a goal.

Recently, the authority rejected applications from Fidelity, WisdomTree and VanEck.

Recently, Minnesota congressman Tom Emyr wrote a letter last November to the Securities and Exchange Commission (SEC).

This week, SEC chair Gary Gensler hit back, echoing concerns about fraud and manipulation previously mentioned by regulators.

Read:Marval enters the crypto space by launching a set of NFT

Grayscale previously reported being rejected by the Securities and Exchange Commission (SEC) after filing for approval for Bitcoin ETFs, while receiving approval for futures ETFs.

Read:Facebook changes its policy and will allow more cryptocurrency ads

The bottom line is that the Bitcoin ETF for spot trading is still feared by the SEC, and sees it as threatening the financial soundness of investors due to its reliance on trading platforms outside the authority of the authority that can influence the price.

Read also:

Animoca warns of fraudulent digital currency impersonating its name, available on Uniswap

SelfWealth announces it is the first brokerage to offer crypto services to Australians


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