Grayscale, a digital asset management firm, is urging the US Securities and Exchange Commission (SEC) to approve its spot Bitcoin exchange-traded fund (ETF) application. The company argues that any further delay would harm investors. Grayscale’s lawyers state that the SEC has no valid reason to treat spot Bitcoin ETFs differently from futures-based Bitcoin ETFs. The firm believes that it is ready to launch its product and urges the SEC to expedite the approval process. The SEC has previously rejected spot Bitcoin ETF applications, citing concerns about investor protection from market manipulation and fraud. Grayscale’s lawyers argue that US investors prefer spot Bitcoin ETFs and should not be forced into more complex product structures because of regulatory delays. The letter also highlights increased competition from other applicants and emphasizes recent court rulings that support the similarities between Grayscale’s proposed product and existing futures Bitcoin ETFs.
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