{"id":84044,"date":"2023-09-06T10:12:05","date_gmt":"2023-09-06T07:12:05","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=84044"},"modified":"2025-09-12T14:59:40","modified_gmt":"2025-09-12T11:59:40","slug":"grayscale-urges-the-sec-to-promptly-approve-a-spot-bitcoin-etf","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/grayscale-urges-the-sec-to-promptly-approve-a-spot-bitcoin-etf\/","title":{"rendered":"Grayscale urges the SEC to promptly approve a spot Bitcoin ETF"},"content":{"rendered":"<p>During the lengthy debates, Grayscale&#8217;s lawyers noted the SEC&#8217;s inconsistent approach to crypto investment products and urged the regulator to approve a spot Bitcoin ETF promptly.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2023-09-06-v-09.49.37.webp\" alt=\"Snimok-ekrana-2023-09-06-v-09.49.37\" class=\"wp-image-215143\"\/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/twitter.com\/Grayscale\/status\/1699167211599135207\">X<\/a>.<\/figcaption><\/figure>\n<p>The management firm prepared a letter to the regulator after a U.S. court on August 29 <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-price-surpasses-27500-after-court-ruling-in-grayscales-favour\">granted its petition<\/a>. The appellate court ordered the Commission to revisit its decision. <\/p>\n<p>In June 2022, the organization <a href=\"https:\/\/forklog.com\/en\/news\/grayscale-sues-sec-over-refusal-to-convert-gbtc-into-an-etf\">filed suit<\/a> against the regulator for failing to convert <span data-descr=\"Grayscale Bitcoin Trust\" class=\"old_tooltip\">GBTC<\/span> into an ETF. The company <a href=\"https:\/\/forklog.com\/en\/news\/dcg-chief-confirms-plans-to-convert-grayscales-bitcoin-trust-into-an-etf\">filed its application<\/a> with the SEC to convert the product in October 2021.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;We believe the Commission has no basis to treat the trust differently from [exchange-traded products] that invest in bitcoin futures contracts,&#8221; the lawyers wrote.<\/p>\n<\/blockquote>\n<p>Grayscale contends that the spot Bitcoin ETF will be approved because it is based on the same market-surveillance agreement as the Chicago Mercantile Exchange, which the SEC deemed sufficient for futures-based ETFs on the first cryptocurrency.<\/p>\n<p>The appellate court agreed that the agency had failed to explain why these two products differ in any material way.<\/p>\n<p>According to the Grayscale letter, American investors are forced to use less efficient and more complex product structures than spot Bitcoin ETFs, citing the recent inflows into futures instruments.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;We believe that nearly a million trust investors deserve a level playing field as soon as possible,&#8221; the firm said.<\/p>\n<\/blockquote>\n<p>Analysts at JPMorgan <a href=\"https:\/\/forklog.com\/en\/news\/jpmorgan-grayscale-victory-boosts-odds-of-bitcoin-etf-approval\">said<\/a> that the court ruling in the Grayscale case could bring the final approval of a spot Bitcoin ETF.<\/p>\n<p>The event also prompted Bloomberg&#8217;s James Seyffart and Eric Balchunas <a href=\"https:\/\/forklog.com\/en\/news\/bloomberg-analysts-raise-odds-of-a-spot-bitcoin-etf-this-year-to-75\">to increase the likelihood<\/a> of launching similar products in the United States by the end of 2023 to 75%.<\/p>\n<p>Former SEC chief Jay Clayton <a href=\"https:\/\/forklog.com\/en\/news\/ex-sec-chief-says-spot-bitcoin-etf-approval-is-inevitable\">called the inevitable approval<\/a> of a spot Bitcoin ETF.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>During the lengthy debates, Grayscale&#8217;s lawyers noted the SEC&#8217;s inconsistent approach to crypto investment products and urged the regulator to approve a spot Bitcoin ETF promptly.<\/p>\n","protected":false},"author":1,"featured_media":84045,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[569,943,128,1211],"class_list":["post-84044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-etf","tag-grayscale-investments","tag-sec","tag-stock-market"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84044","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=84044"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84044\/revisions"}],"predecessor-version":[{"id":84046,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84044\/revisions\/84046"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/84045"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=84044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=84044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=84044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}