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The prominent regulator SEC has been quite strict with respect to Bitcoin ETFs. And July 6 was the deadline for Grayscale’s Bitcoin ETF approval.
A lot of entities like Fidelity Investments, Skybridge Capital, GlobalX, and New York Digital Investments Group (NYDIG) have already faced the SEC’s denial of spot Bitcoin ETF.
A lot of countries have tried to bring spot Bitcoin ETFs to the market but eventually were left with refusal and frustration.
The long march directed toward a spot Bitcoin ETF for U.S. investors was a significant theme at the recent Inside ETFs at The Diplomat Beach Resort in Hollywood, Fla.
The president of the registered investment advisor, The ETF store, Nate Geraci, raised a question as to where does the Grayscale filing stands and what do folks think would happen. To which Grayscale’s senior managing director and global head of ETFs, David LaValle, replied that they have a filing in a 240-day waiting period that ends on July 6.
And further added that it has received 7,800 comments in support while two letters against it.
The Grayscale Bitcoin Trust (GBTC) always had plans to convert into an ETF. GBTC enables liquidity via the OTCQX market at present, and by transitioning it into an ETF, it would uplist the shares from OTCQX to NYSE Arca.
Given that the SEC has approved Bitcoin spot ETFs under the 33 Act, he is also optimistic that the next natural step would be to allow for a spot Bitcoin ETF.
Grayscale previously highlighted in their statement that if the regulator does not approve the Bitcoin ETF, the company may take legal actions against the SEC, which was brought up by Geraci.
To this LaValle highlighted that suing your regulator is a decision that does not come lightly, but all the options are on the table.
They discussed the matter further. And apparently, the spot Bitcoin ETF-friendly entities are against SEC’s stance on the product. But they are not stepping back with their efforts to get approval. It is to look forward if the SEC shows mercy to cryptocurrency-based ETFs.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
