Grayscale fancies SEC green light for Bitcoin spot ETF

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The cryptocurrency investment firm has stepped up its lobbying efforts with the U.S. regulator following its recent nod to a Bitcoin futures ETF.

See related story: SEC comes around on Bitcoin ETFs

Fast facts

  • Grayscale’s lawyers have written to the Securities and Exchange Commission saying that its application for a Bitcoin spot exchange-traded fund (ETF) should be treated no differently from a Bitcoin futures ETF.
  • NYSE Arca’s application to list Teucrium’s Bitcoin futures-based ETF was approved earlier this month.
  • “We believe that the Teucrium order confirms the fundamental point made in our November 29, 2021 letter … [w]hen it comes to approving ETPs, there is not a basis for treating spot Bitcoin products differently from Bitcoin futures products,” said Davis Polk & Wardwell LLP, the law firm representing Grayscale.
  • Grayscale CEO Michael Sonnenshein said on Twitter that “if the SEC is comfortable with a Bitcoin futures ETF, it must also be comfortable with a spot Bitcoin ETF. And the SEC can no longer justifiably cite the (1940) Act as being the differentiating factor.”
  • The SEC is expected to decide on Grayscale’s ETF application in July.
  • Sonnenshein has said that he would consider suing the SEC if the application is rejected. 

See related article: A fast one from down under: Australia approves BTC, ETH ETFs

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