Grayscale asks the SEC to approve all spot BTC ETF applications simultaneously Bitcoin BTC ETF
- Crypto fund manager Grayscale Investments has submitted a letter to the Securities and Exchange Commission asking that the regulator approve all the recently filed spot Bitcoin exchange-traded funds at the same time so that no product has an advantage over the others.
“An approval that promotes investor protection and fairness for issuers should therefore be made simultaneously with approval of all proposed spot bitcoin ETPs, including those such as the Trust whose Rule 19b-4 filings were previously disapproved after lengthy Commission consideration,” the firm wrote.
“Having determined the CME bitcoin futures market meets the Commission’s stated criteria for a ‘market of significant size’ in the context of bitcoin futures ETPs, the Commission is logically bound to reach the same conclusion in the context of the Trust and other spot bitcoin ETPs,” Grayscale said. “But, despite the Commission’s decisions advantaging competing bitcoin futures ETPs, the Commission has to date not agreed that any exchange seeking to list a spot bitcoin ETP has demonstrated that the CME bitcoin futures market is ‘of significant size’ for purposes of surveillance sharing over spot bitcoin,” the letter said.
In their ruling, the SEC stated that “neither the constituent group’s ‘adherence to the BitLicense program’ administered by the New York State Department of Financial Services nor its ‘adoption of various surveillance, monitoring, and other measures to address potential manipulative or fraudulent trading activity on its trading platform, is material to the Commission’s analysis’ of whether to approve a spot bitcoin ETP Rule 19b-4 filing,” the letter said.
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