Grayscale, a cryptocurrency investment giant, has sent a letter to the U.S. Securities and Exchange Commission (SEC) urging it to swiftly approve Bitcoin spot exchange-traded funds (ETFs) following its recent court victory against the regulator. Grayscale argues that the SEC no longer has valid grounds to deny the launch of a Bitcoin spot ETF and highlights that there are no reasons to treat them differently from futures-based ETFs. The company’s lawsuit against the SEC centered around alleged favoritism towards futures ETFs over spot ETFs, a claim that the court found the agency to be unreasonable for. Grayscale also points out the prolonged duration of its filing to convert its Bitcoin Trust into a spot ETF and the harm the SEC’s delay is causing to existing investors. The company suggests that other recent applicants for spot ETFs are actively working to meet the SEC’s requirements by establishing surveillance-sharing agreements with cryptocurrency exchanges, and Grayscale itself is pursuing a similar arrangement with the Chicago Mercantile Exchange. The letter serves as a reminder to the SEC that the cryptocurrency industry eagerly awaits regulatory clarity and questions the continued hesitance given recent legal developments.
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