In a bid to pave the way for the much-anticipated era of spot Bitcoin Exchange-Traded Funds (ETFs), Grayscale’s Chief Legal Officer, Craig Salm, has made a compelling case for the Securities and Exchange Commission (SEC) to approve all spot ETF applications simultaneously. Grayscale’s legal team has submitted a letter regarding the recent eight spot ETF filings, arguing the SEC shouldn’t pick “winners and losers”.
Grayscale Calls For Bitcoin ETF Approval
Highlighting the interconnectedness between Bitcoin’s spot and futures markets, Salm argues, “The SEC is already in a position to approve spot BTC ETFs based on its previous approval of Bitcoin futures ETFs. BTC’s spot and futures markets are inextricably linked (as evidenced by third-party studies showing 99% correlation).” This indicates that surveillance of the regulated CME Bitcoin futures market could effectively safeguard against potential fraud or manipulation in the spot market.
Grayscale also emphasizes its c
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