Bitcoin

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 The Securities and Exchange Commission previously rejected Grayscale’s ETF. Therefore it wants it and competing ETFs approved simultaneously to confirm that no one has an edge. 
 To prevent one exchange-traded fund (ETF) from having an advantage, cryptocurrency fund manager Grayscale claims, Seeking approval for all from the Securities and Exchange Commission. Proposed spot Bitcoin BTC tickers down $29,194 ETFs simultaneously. 
 Grayscale’s legal team sent a letter to the SEC addressing eight spot Bitcoin ETF registrations, including its own, stating that the agency shouldn’t choose “winners and losers” and should instead make a fair and orderly judgment, according to a post by Grayscale Chief Legal Officer Craig Salm on July 27. 
 According to the letter, the SEC might approve the spot ETFs based on its approval of Bitcoin futures ETFs because the two fund types are “inextricably linked.” 
 According to Grayscale, the most recent management sharing agreements (SSAs) between Coinbase and the spot ETF providers are “not a new idea” and would not comply with SEC requirements. 
 SSAs with Coinbase have just been added to ETF filings from Invesco, BlackRock, Valkyrie, VanEck, Wisdom, Fidelity, and ARK Invest. 
 For the SEC to keep an eye out for any possible market manipulation or faulty trading activity, Coinbase will submit information about its trading books and other data. 
 Due to the lack of SSAs, the SEC opposed the ETFs in late June, arguing that they were required due to the possibility of manipulating the crypto markets. 
 The SSAs, according to Grayscale, “would neither satisfy nor be necessary” in agreement with SEC conditions because Coinbase is neither registered with the SEC as a securities exchange nor broker-dealer with the Commodity Futures Trading Commission as a futures exchange. 
 It was stated that allowing the ETFs would “improperly grant these proposals an unfairly limited and prejudicial first-mover advantage” and represent “a positive but sudden and significant change” in how the SEC applied its standard. 
 According to Salm, the Grayscale Bitcoin Trust (GBTC), which tries to monitor Bitcoin’s price, has close to 1 million investors. 
 There is “simply no reason” the SEC should prevent GBTC investors from purchasing a spot Bitcoin ETF, he added, adding that if it were converted to an ETF, investors would receive billions in value back. 
 In June last year, the SEC rejected Grayscale’s request to change the GBTC into a spot Bitcoin ETF. 
 Consequently, Grayscale initiated legal action against the regulator, claiming it acted arbitrarily by refusing to treat comparable investment vehicles consistently. 
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SEC Urged By Grayscale To Simultaneously Approve Multiple Bitcoin ETFs

TheBitTimes

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