{"id":23294,"date":"2023-09-06T12:48:57","date_gmt":"2023-09-06T12:48:57","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/grayscale-pushes-sec-to-approve-bitcoin-etf-conversion\/"},"modified":"2023-09-06T12:48:57","modified_gmt":"2023-09-06T12:48:57","slug":"grayscale-pushes-sec-to-approve-bitcoin-etf-conversion","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/grayscale-pushes-sec-to-approve-bitcoin-etf-conversion\/","title":{"rendered":"Grayscale Pushes SEC to Approve Bitcoin ETF Conversion"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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A crucial step has been taken by Grayscale, a well-known asset management in the cryptocurrency industry, to hasten the conversion of its flagship Bitcoin fund to a spot exchange-traded fund (ETF). Grayscale is now pleading with the U.S. Securities and Exchange Commission (SEC) to approve this shift following a recent court victory.<\/p>\n

A Clear Legal Path<\/strong><\/h2>\n

After the court ruled in Grayscale\u2019s favor on the conversion of the Grayscale Bitcoin Trust (GBTC), the legal team for Grayscale wrote to the SEC on September 5 to discuss the next steps. The asset management claimed that there are no longer any good reasons to choose between a spot Bitcoin ETF and a Bitcoin futures ETF:<\/p>\n

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\u201cNow 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.\u201d<\/em><\/p>\n

Grayscale is certain that the SEC should admit there are \u201cno grounds\u201d to treat the GBTC differently from Bitcoin futures ETFs<\/a>, which have already received the Commission\u2019s OK.<\/p>\n

A Court Victory and Ongoing Delay<\/strong><\/h2>\n

The latest development is the result of a United States Appeals Court decision overturning the SEC\u2019s refusal of Grayscale\u2019s August 29th-announced request to convert its GBTC into a spot Bitcoin ETF. Grayscale stressed that any justifications for rejecting the conversion that went beyond avoiding fraud would have been clear by now.<\/p>\n

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\u201cWe are confident that it would have surfaced by now in one of the fifteen Commission orders that rejected spot Bitcoin filings even after Bitcoin futures ETPs began trading.\u201d<\/em><\/p>\n

Grayscale also stated that its fund conversion application has been delayed for nearly three times as long as the SEC\u2019s allotted time frame, adding that \u201cthe Trust\u2019s nearly one million investors deserve this fair playing field as quickly as possible.\u201d<\/p>\n<\/p><\/div>\n

Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) A crucial step has been taken by Grayscale, a well-known asset management in the cryptocurrency industry, to hasten the conversion of its flagship Bitcoin fund to a spot exchange-traded fund (ETF). Grayscale is now pleading with the U.S. Securities and Exchange Commission (SEC) to approve this […]<\/p>\n","protected":false},"author":34,"featured_media":23295,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23294"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=23294"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23294\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/23295"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=23294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=23294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=23294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}