Cryptocurrency fund manager Grayscale has petitioned the U.S. Securities and Exchange Commission (SEC) to simultaneously approve all spot Bitcoin exchange-traded funds (ETFs) currently under review to avoid any single one from gaining an undue advantage.
Grayscale’s Chief Legal Officer, Craig Salm, has revealed in a blog post that the firm’s legal team submitted a letter addressing eight proposed spot Bitcoin ETFs, including Grayscale’s own proposal, arguing that it would be improper for the SEC to pick “winners and losers” and called for a fair and orderly decision.
Drawing a link between Bitcoin spot ETFs and futures ETFs, Grayscale’s letter suggested the SEC could justify approval of the former based on previous endorsements of the latter, claiming these fund types are “inextricably linked.”
Grayscale has also addressed the surveillance share agreements (SSAs) between Coinbase and several spot ETF providers, saying they’re “not a new idea,” and claiming they “would neither satisfy nor be necessary” under the SEC’s standards.
The fund manager reasoned that Coinbase isn’t registered with the SEC as a securities exchange or broker-dealer, or with the Commodity Futures Trading Commission as a futures exchange.
To the firm, the SEC approving a spot ETF would mark a “positive but sudden and significant change” in the enforcement of its standards and could “improperly grant an unfairly discriminatory and prejudicial first-mover advantage to these proposals.”
It’s worth noting the SEC has in the past rejected Grayscale’s application to convert its flagship fund, the Grayscale Bitcoin Trust (GBTC), to a spot Bitcoin ETF, prompting the fund manager to sue the regulator.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/jul/28/
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