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Grayscale, a digital currency investment and cryptocurrency asset management firm, is reported to have requested the Securities and Exchange Commission for approval of all suggested spot Bitcoin exchange-traded funds (ETFs). 
<h2 id="span-style-font-weight-400-grayscale-wants-8-etfs-to-be-approved-simultaneously-span">Grayscale Wants 8 ETFs to be Approved Simultaneously</h2> 
As per the firm’s July 27 <a href="https://grayscale.com/grayscales-latest-gbtc-comment-letter/" rel="noopener noreferrer nofollow">post</a>, Grayscale Chief Legal Officer Craig Salm stated that the firm’s legal counsel sent a letter involving eight spot Bitcoin ETF registrations, urging that the SEC should refrain from selecting “winners and losers” and instead arrive at an accurate and fair judgment. 
<h3 id="span-style-font-weight-400-inextricably-linked-span">‘Inextricably Linked’</h3> 
In the <a href="https://grayscale.com/wp-content/uploads/2023/07/97062447v22-Grayscale-Comment-Letter-7.27.2023.pdf" rel="noopener noreferrer nofollow">letter</a>, the firm revealed its fear that the SEC could grant permission for spot ETFs based on its authorizations of Bitcoin futures ETFs because both fund classes are “inextricably linked.”&nbsp; 
According to Salm, converting it to an ETF would bring back billions of dollars to investors, and that there is “simply no reason” for the SEC to restrict GBTC investors from investing in a spot Bitcoin ETF. 
Grayscale asserted that current <a href="https://thecoinrise.com/blackrock-names-coinbase-as-surveillance-sharing-partner-in-btc-etf-filing/" rel="noopener noreferrer nofollow">surveillance sharing agreements</a> (SSAs) between Coinbase and spot ETF issuers are “not a new idea” and would not fulfill SEC standards. 
<h2 id="span-style-font-weight-400-sec-delayed-etfs-due-to-lack-of-ssas-span">SEC Delayed ETFs Due to Lack of SSAs</h2> 
Notably, the SEC delayed the issue due to the lack of SSAs, claiming that they were required due to the possibility of crypto exchanges having been misled. Grayscale contended that the SSA’s “would neither satisfy nor be necessary” as per SEC criteria as Coinbase does not have a registration with the SEC as a securities exchange or broker-dealer, nor with the Commodity Futures Trading Commission as a futures exchange. 
<h3 id="span-style-font-weight-400-grayscale-spot-btc-etf-rejected-span">Grayscale Spot BTC ETF Rejected</h3> 
The firm was previously the target of the SEC’s rejection. The firm wanted to turn the Grayscale Bitcoin Trust (GBTC) into a full-fledged ETF product, but <a href="https://thecoinrise.com/grayscale-is-ready-to-fight-a-legal-battle-with-sec-for-its-spot-btc-etf/" rel="noopener noreferrer nofollow">the SEC declined the request</a>. The SEC’s decision to deny Grayscale’s application was <a href="https://thecoinrise.com/grayscale-files-appeal-as-the-sec-rejects-its-bid-to-convert-gbtc-to-spot-bitcoin-etf/" rel="noopener noreferrer nofollow">promptly challenged by Grayscale</a> in its first petition with the United States Court of Appeals for the District of Columbia Circuit. 
The firm also has recently <a href="https://thecoinrise.com/grayscale-seeks-approval-from-the-sec-for-new-etf-offerings/" rel="noopener noreferrer nofollow">submitted registration filings</a> with the Securities and Exchange Commission to provide an Ethereum Futures ETF, a Global Bitcoin Composite ETF, and a Privacy ETF. 
The post <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com/grayscale-asks-sec-to-greenlight-8-spot-etfs-altogether/">Grayscale Asks SEC to Greenlight 8 Spot ETFs Altogether</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Grayscale Asks SEC to Greenlight 8 Spot ETFs Altogether

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TheCoinrise Media

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