Grayscale Investments has submitted a letter to the U.S. Securities and Exchange Commission (SEC) stating that there are “no grounds” to reject the conversion of its Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF). The company argued that there is no difference between spot bitcoin ETFs and futures-based products, and criticized the SEC for rejecting spot bitcoin ETF applications in the past. However, it should be noted that last week’s court decision required the SEC to review its rejection of Grayscale’s application, not to approve it.

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