Grayscale asks SEC to meet on ‘way forward for Bitcoin ETF conversion
The asset manager’s flagship Bitcoin BTC tickers down $25,744 fund is being converted to a spot exchange-traded fund (ETF), and Grayscale has informed the Securities and Exchange Commission that it no longer has any legal justification to do so. In response to the regulator’s legal defeat on the conversion of the Grayscale Bitcoin Trust (GBTC), Grayscale’s solicitors wrote to the SEC on 5 September to request a meeting. The legal ana l ysis previously adopted by the Commission “Now that the Court of Appeals has ruled, there is no available rationale that would distinguish a Bitcoin futures ETP from a spot Bitcoin ETP under the legal analysis previously adopted by the Commission in rejecting spot Bitcoin ETPs,” the Commission stated in a statement following the Court of Appeals’ ruling. Grayscale added it believes the SEC should conclude there are “no grounds” for treating the GBTC differently from Bitcoin futures ETFs whose filings “the Commission has previously approved.” On Au...