Grayscale: SEC to Approve Spot Bitcoin ETF Soon

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The US Securities and Exchange Commission (SEC) will soon make a positive decision on the launch of a spot bitcoin ETF. This opinion was expressed by representatives of Grayscale Investments and Bitwise during the CoinDesk Consensus 2022 conference.

“There is a perception in the crypto industry that the SEC is just saying no, and now that’s what the facts show,” said Matt Hoogan, chief investment officer at Bitwise Asset Management.

He recalled that the SEC approved bitcoin futures ETFs that comply with the Securities and Exchange Act of 1934 and the Investment Company Act of 1940. In the first case, we are talking about an application from Teucrium, in the second – from VanEck, Valkyrie Investments and ProShares.

“This is a progression that ends with a spot Bitcoin ETF. So they [SEC] really moving forward, just not at the pace of the crypto community,” Hoogan added.

Grayscale’s head of ETFs, David LaValle, noted that earlier the approval of the spot option was in principle questionable. Now, in his opinion, the only question is the timing of this decision.

Laurie Tiernan, chief strategy officer at Valkyrie Investments, agreed with her colleagues, not ruling out the emergence of a spot bitcoin ETF “in the next few years.”

The SEC has yet to approve any application to launch a spot Bitcoin ETF. The regulator must make a decision on Bitwise on June 29, on the transformation GBTC to an exchange-traded fund based on the first cryptocurrency — July 6.

Earlier, Grayscale admitted that the Commission violated the law when approving bitcoin futures ETFs. At the end of March, the head of the company, Michael Sonnenschein, did not rule out the possibility of filing a lawsuit against the SEC if the application was rejected.

Grayscale Investments later announced that former U.S. Justice Department spokesman Donald Beaton Verrilli Jr. has joined the firm’s legal team.

Bloomberg analyst Eric Balciunas admitted that the SEC’s agreement to change the clearing model will set the stage for the listing of a spot bitcoin ETF.

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Source: Cryptocurrency

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