During a protracted debate, Grayscale lawyers noted the inconsistent attitude SEC to crypto investment products and asked the regulator to “promptly” approve a spot bitcoin ETF.
The management firm prepared a letter to the regulator after a US court granted its petition on August 29. The Court of Appeal ordered the Commission to review its decision.
In June 2022, the organization filed a lawsuit against the regulator for refusing to convert GBTC in ETFs. The company submitted an application to the SEC for product conversion in October 2021.
“We believe that there is no reason for the Commission to treat a trust otherwise than [биржевым продуктам]who invest in bitcoin futures contracts,” the lawyers wrote.
Grayscale claims that the spot Bitcoin ETF will be approved because it is based on the same market supervision agreement as the Chicago Mercantile Exchange, which the SEC has deemed sufficient for futures exchange-traded funds based on the first cryptocurrency.
The Court of Appeal agreed that the agency never explained why the two products were significantly different.
According to Grayscale’s letter, U.S. investors are forced to use “less efficient and more complex product structures” than spot bitcoin ETFs, pointing to the recent influx of funds into futures instruments.
“We believe that nearly a million trust investors deserve a fair playing field as soon as possible,” the company concluded.
Recall that JPMorgan analysts said that the court verdict in the Grayscale case could bring the final approval of a spot exchange-traded Bitcoin fund closer.
The event also forced Bloomberg experts James Seyffart and Eric Balciunas to raise the likelihood of launching similar products in the US before the end of 2023 to 75%.
Earlier, the former head of the SEC, Jay Clayton, called the approval of the spot bitcoin ETF inevitable.
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