Following the SEC’s recent approval of a Bitcoin futures ETF, the cryptocurrency investment firm has increased its lobbying efforts with the US regulator.
Grayscale’s lawyers wrote to the Securities and Exchange Commission to urge that their application for a Bitcoin spot exchange-traded fund (ETF) should be regarded the same as a Bitcoin futures ETF.
The NYSE Arca approved Teucrium’s application to float its Bitcoin futures-based ETF earlier this month.
“We believe that the Teucrium order confirms the fundamental point made in our November 29, 2021 letter”
” … [w]hen it comes to approving ETPs, there is not a basis for treating spot Bitcoin products”
“differently from Bitcoin futures products,”
So, Davis Polk & Wardwell LLP, the law firm representing Grayscale says.
“if the SEC is comfortable with a Bitcoin futures ETF, it must also be comfortable with a spot Bitcoin ETF.”
“And the SEC can no longer justifiably cite the (1940) Act as being the differentiating factor.”
Grayscale CEO Michael Sonnenshein states on Twitter.
So, Grayscale’s ETF application is likely to receive deliberations by the SEC in July. Lastly, Sonnenshein has stated that if the application is denied, he will consider suing the SEC.
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