At the end of June, the SEC approved Volatility Shares’ first leveraged bitcoin futures ETF called the 2x Bitcoin Strategy ETF (BITX). Grayscale representatives believe that margin funds are much more risky than spot ETFs, but the regulator has not approved the launch of such funds for several years.
“The fact that the SEC has allowed leveraged futures ETFs clearly demonstrates discrimination between spot ETFs and cryptocurrency futures ETFs,” Grayscale lawyer Donald Verrilli said in the letter.
In June last year, Grayscale sued the SEC because the regulator refused to give permission to convert the GBTC fund into a spot ETF. The published letter became an annex to the June lawsuit.
Recently, the largest management company BlackRock applied for a spot ETF. After that, many analysts acknowledged that the likelihood of approval of such funds has increased significantly.
Source: Bits
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