“This campaign aims to teach and encourage the investment community to require action and build their voices detected on this historic call,” same Michael Sonnenshein.
NEWS
As the U.S. Securities and Exchange Commission is considering whether or not to approve or deny quality manager Grayscale’s application for a Bitcoin spot exchange-traded fund (ETF), the firm has referred to as on-yank investors to submit comments to the regulator.
In a Tues Twitter thread, Grayscale CEO Michael Sonnenshein proclaimed the launch of an associate support campaign for U.S.-based investors to talk their minds to the SEC before any judicial decision is reached on the Bitcoin (BTC) investment vehicle. Since the N. Y. Stock Exchange Arca filed with the restrictive body on Oct. nineteen to list shares of Grayscale’s Bitcoin ETF below the ticker GBTC, the commission has delayed its decision on Dec. 15 and again on Feb. 4.
“This campaign aims to educate and inspire the investment community to take action and make their voices heard on this historic decision,” said Sonnenshein. According to Grayscale’s chief legal officer Craig Salm, the firm has already received more than 200 letters in support of the SEC allowing the firm to convert its Bitcoin Trust into a physically-backed fund.
Salm said some of the common themes from the feedback included calling a crypto ETF “in the public’s best interest,” allowing the United States to stay competitive with innovative investment vehicles, and calling out the SEC’s “nonsensical” approach to approving ETFs linked to Bitcoin futures but not BTC spot ETFs.
The Feb. 4 deferment from the SEC opened the floor to “interested persons to provide comments on the proposed rule change” for Grayscale’s BTC spot ETF. The regulatory body can extend the deliberation window up to 240 days from when the proposed rule change was published in the Federal Register on Nov. 8, meaning the SEC should decide before July 6, 2022.
To date, the SEC has not approved any investment vehicle with direct exposure to crypto. Grayscale applied to restructure its Bitcoin Trust into an ETF in October shortly after the SEC approved ProShares’ Bitcoin Strategy ETF for listing on the New York Stock Exchange and shares of crypto-asset manager Valkyrie’s Bitcoin ETF fund on the Nasdaq Stock Market.
Related to here’s why the SEC keeps rejecting spot Bitcoin ETF applications if approved by the SEC, Grayscale would have the first publicly listed Bitcoin spot ETF available in the United States. This year, the regulator has already rejected applications for Fidelity’s Wise Origin Bitcoin Trust and First Trust SkyBridge Bitcoin ETF Trust but is expected to decide on NYDIG’s spot Bitcoin ETF and asset manager Stone Ridge Holdings Group’s BTC ETF in March.
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