Grayscale’s Bitcoin Trust ($GBTC) has sent a strong letter to the SEC, questioning why there are different rules for spot Bitcoin ETPs and Bitcoin futures ETPs. They want the SEC to explain its regulations.
Grayscale is urging the SEC to quickly make a decision on NYSE Arca’s Rule 19b-4 filing. They say the long wait for a decision is not just affecting them but also the broader cryptocurrency market’s regulations.
Following a court decision that went against the SEC’s denial of Grayscale’s ETF plans, the investment company has sent this important letter to the SEC.
Today, our legal team and counsel at Davis Polk & Wardwell and Munger Tolles & Olsen delivered a letter to the SEC with important information to consider as it decides on next steps for $GBTC. (1/3) pic.twitter.com/OHGlyvjcAm
— Grayscale (@Grayscale) September 5, 2023
The Lingering Question and Extended Decision Delay
At the heart of Grayscale’s message is a simple yet incredibly important question: Why are there different rules for Bitcoin ETPs linked to actual Bitcoin prices and those tied to Bitcoin futures? They believe that if there were valid reasons, especially concerning preventing fraud, those reasons should have come up in the 15 times the SEC rejected similar Bitcoin ETPs.
Grayscale also points out that the SEC has taken a very long time to make a decision on their filing, way longer than the rules allow. In everyday terms, it’s like waiting hours for a meal that should have been served in 30 minutes, and for Grayscale and its nearly one million investors, this wait is extremely frustrating.
Grayscale is urging the SEC to approve NYSE Arca’s filing quickly. Their message is clear: The time for prolonged consideration is over; they want immediate action. This request isn’t just for Grayscale; it represents the hopes and expectations of their many investors.
What’s Next?
Now, it’s up to the SEC to respond to Grayscale’s bold move. Whatever they decide, it will impact Grayscale’s future and set a standard for how the government regulates similar crypto investments.
Grayscale isn’t just looking out for themselves; they’re also making things more important for the entire cryptocurrency market by challenging the SEC.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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