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Grayscale Urges SEC to Expedite Bitcoin ETF Decision After Legal Win

6 September 2023
in News
Reading Time: 3 mins read
106 3
Home News

Grayscale has petitioned the U.S. Securities and Exchange Commission (SEC) to hasten its decision regarding the application to convert the Grayscale Bitcoin Trust (GBTC) to a traditional Bitcoin Exchange-Traded Fund (ETF). 

In a letter sent on September 5, 2023, to the SEC, Grayscale’s legal team argued that there are no valid reasons to hinder the conversion. They also pointed out the prolonged delay in the SEC’s decision-making process, which has exceeded the time frame specified in SEC regulations for such approvals. 

Grayscale requested a meeting with the regulator to discuss the next line of action for a quick resolution of the matter. 

The move comes on the heels of Grayscale’s recent legal victory against the SEC. On August 29, 2023, the U.S. Appeals Court overturned the SEC’s previous decision to reject Grayscale’s application for the conversion. The court asked the regulator to review the application and make a new decision because it failed to provide a sufficient explanation for its prior decision.

Grayscale’s letter to the SEC emphasized the court’s decision. It argued that the SEC no longer has legal grounds to differentiate between Bitcoin futures exchange-traded products (ETPs) and spot Bitcoin ETPs.

“Now that the Court of Appeals has spoken, 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,“

Grayscale’s lawyers stated in the letter.

“We are confident that if there were any additional grounds for denying the conversion, aside from the Exchange Act’s mandate to prevent fraudulent and manipulative actions, those reasons would have already been evident,” they added.

However, it’s essential to note that this court ruling doesn’t automatically guarantee approval for a Grayscale Bitcoin ETF. The process for obtaining ETF status involves multiple regulatory steps and further deliberation.

Grayscale appears to be seeking an expedited timeline for these processes. However, the SEC’s stance on this matter remains unknown as it has not released a statement at the time of this report.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: Bitcoin ETFGrayscaleU.S. SEC
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Favour is passionate about education and empowering people through knowledge sharing. He creates content centered around societal development and providing access to technology. When he's not doing this, you can find him nose-deep in classic books or taking a deep dive into the intriguing history of science.

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