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Almost All Comment Letters Received By SEC Are In Favor Of Bitcoin Spot ETF

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  • Michael Sonnenshein, CEO of Grayscale, said that approval regarding each BTC related investment vehicle makes their arguments strong.
  • As of now, the Securities and Exchange Commission is looking into the application submitted by Grayscale.
  • As of this writing, Bitcoin was trading at a market price of $20,784.2, downtrending by 1.88% during the past 24 hours.

Massive Support For Grayscale

Grayscale, a virtual asset manager, reported a huge support in public comments for its request to unveil a spot Bitcoin ETF.

Grayscale stated in a Monday letter that, of the over 11,400 letters received by SEC with respect to the Bitcoin ETF, almost all of them are supportive of the organization’s case.

As per Grayscale , around 33% of the letters asked questions about the scarce Bitcoin ETF in the United States, considering that the Securities and Exchange Commission already had given their consent to investment vehicles associated with Bitcoin futures, similar to the case of Valkyrie and ProShares.

Michael Sonnenshein, CEO of Grayscale stated that activities of SEC during the past 8 months have indicated an escalated recognition of and comfort on underpinning BTC market’s maturity.

Currently SEC is reviewing an application submitted by Grayscale enabling the organization to turn its GBTC share into a physically supported fund, which, in case of approval, would be the initial spot Bitcoin ETF offering in the US.

The application is coming close to the 240 day review process, which began back during November 2021 and will finish on July 6.

Though the campaign of Grayscale to motivate public comments with the Securities and Exchange Commission started during February, several experts in the sector suggested SEC that offering this kind of approval was unlikely.

Securities and Exchange Commission has denied similar applications submitted in the past from Global X and NYDIG during March, and One River Digital back in May. 

Gary Gensler, chair of SEC has frequently pivoted in interviews when asked regarding the approval of Bitcoin spot ETF, stating back in February that he is going to take a closer look into the matter.

Steve Anderrson

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