Grayscale, the company behind the world’s largest Bitcoin fund, is urging the U.S. Securities and Exchange Commission (SEC) to treat all Bitcoin exchange-traded fund (ETF) applications fairly. Grayscale had previously applied for a Bitcoin ETF but was rejected by the SEC. The company filed a lawsuit against the SEC in response to the denial. Grayscale argues that if the SEC approves one or more Bitcoin spot ETFs, it should do so concurrently with all other proposed spot Bitcoin ETFs, including those previously disapproved. The main point of disagreement lies in the requirement for a surveillance-sharing agreement with a spot Bitcoin market. Grayscale believes that such an agreement is not a guarantee for approval and that the SEC’s decisions have indicated the need for comprehensive regulatory oversight. The decision on approving Bitcoin spot ETFs will have significant implications for the cryptocurrency industry and traditional financial markets, as it balances innovation and investor protection.
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