Grayscale said in a letter to the US Securities and Exchange Commission (SEC) that the regulator has no reason to refuse to convert the Grayscale Bitcoin Trust (GBTC) into a bitcoin ETF, writes RBC Crypto with reference to coindesk.
On August 29, the court granted the claim of Grayscale, which is challenging the regulator’s refusal to approve its application to launch a bitcoin ETF. The company filed a lawsuit against the main US exchange regulator back in 2021.
“We believe that once the SEC has had the opportunity to fully review the Court’s opinion in the light of the case file, including the stated reasons for the refusal <…>, the Commission should conclude that there are no grounds for treating a trust differently than an exchange-traded fund investing into bitcoin futures contracts,” Grayscale’s legal team wrote in a September 5 letter to the regulator.
Grayscale also noted that if there were any difference between bitcoin ETFs and futures products, “it would have already been reflected in one of the 15 commission rulings that rejected applications for bitcoin spot ETFs under Form 19b-4 even after the start of launch of futures funds,” the newspaper notes.
Previously, Bernstein analysts said that Grayscale’s victory over the SEC “clears the way” for the Bitcoin ETF.
Source: Cryptocurrency
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