Lawyers representing crypto asset manager Grayscale Investments urged the Securities and Exchange Commission (SEC) to “expeditiously” approve a spot bitcoin exchange-traded fund (ETF) in a letter sent to the agency. Grayscale’s letter follows a unanimous ruling by a panel of the U.S. Court of Appeals for the D.C. Circuit Court on August 29 that vacated the SEC’s June denial of Grayscale’s application to convert its Grayscale Bitcoin Trust into an ETF.
Grayscale Pushes SEC for Spot Bitcoin ETF Approval, Citing Court Ruling and Investor Interests
In the letter, Grayscale’s lawyers state that there is no reason to differentiate between bitcoin futures ETFs, which the SEC has approved, and spot bitcoin ETFs like Grayscale’s proposed product. The law firms of Davis Polk and Munger Tolles & Olson penned the letter to the securities regulator.
The attorneys note that the SEC has rejected spot bitcoin ETF applications in 15 orders since approving bitcoin futures ETFs without
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