Grayscale Investments has requested the US Securities and Exchange Commission (SEC) to reconsider its decision to turn the Grayscale Bitcoin Trust into an Exchange-Traded Fund (ETF). The SEC’s earlier rejection was overturned by the US Court of Appeals for the D.C. Circuit. Grayscale argues that there should be no distinction between the Grayscale Bitcoin Trust and existing Exchange-Traded Products (ETPs) that invest in Bitcoin futures. They claim that their proposed Bitcoin ETF meets the SEC’s criteria for surveillance-sharing agreements and emphasize the relationship between Bitcoin’s underlying assets and futures. Grayscale also highlights the lack of communication between them and the SEC since the court order. The SEC is now under pressure to approve Grayscale’s application. However, it is important to note that the court’s decision only requires a review, not necessarily an approval, from the SEC. The crypto community and investors are eagerly waiting for the SEC’s response.
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