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Crypto asset manager Grayscale is attempting to convince the US Securities and Exchange Commission to approve the 1st spot market Bitcoin ETF).
According to a new report, Grayscale gave a private presentation to the SEC in order to persuade them into allowing the crypto firm to turn the Grayscale Bitcoin Trust (GBTC) into a New York Stock Exchange (NYSE)-traded ETF.
Grayscale also says they would like to see the SEC treat Bitcoin ETFs the same way they do futures-based BTC ETFs as they are not riskier. So far, the SEC has approved numerous futures-based Bitcoin ETFs but has so far rejected every proposal for a spot market one.
As the digital asset manager says, “The SEC is discriminating against issuers by approving Bitcoin futures ETFs and denying Bitcoin spot ETFs.”
Grayscale CEO said in late April about the SEC’s perceived unfair treatment of the two different types of ETFs after the SEC approved a futures-based ETF from ETF-provider Teucrium.
“If the SEC is comfortable with a Bitcoin futures ETF, they must also be comfortable with a spot Bitcoin ETF. And they can no longer justifiably cite the ’40 Act as being the differentiating factor.”
The SEC is slated to make a decision by 6th July.
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