In an open letter, Grayscale Chief Legal Officer Craig Salm stated that the Grayscale legal team had submitted a response to GBTC’s pending 19b-4 application and seven additional spot Bitcoin ETF filings, including the newly proposed supervision sharing agreement (SSA), as an example of why the SEC should approve all spot Bitcoin ETF applications.
We continue to be motivated by the momentum in spot Bitcoin ETF operations, according to Craig Salm.
This not only demonstrates the continuous development of the Bitcoin spot market, but it also supports our long-held belief that US investors should be able to purchase spot Bitcoin ETFs in the US.
Only a few important conclusions can be drawn from the comment letter: The SEC was able to approve a spot Bitcoin ETF in addition to its earlier approval of a Bitcoin futures ETF, as stated in the lawsuit.
The spot and futures markets for bitcoin are closely linked (a 99% connection according to independent data).
meaning controlling the CME The Intermarket Surveillance Group, a shared market, and the U.S. Commodity Futures Trading Commission (CFTC) both regulate the larger Bitcoin futures market. To prevent potential fraud or manipulation inside the underlying spot Bitcoin market, a regulated international community of exchanges should be sufficient.
Second, the SEC’s actions on Bitcoin ETFs should be conducted in a proper and organised manner. The SEC shouldn’t pick winners and losers because it is a disclosure-based regulator. Instead, the SEC should keep giving issuers persistent and considerate advice or guidance.
In the end, this is about ensuring that American traders are secure and prepared to select their preferred Bitcoin funding option.
The conversion of GBTC to an ETF will provide billions of dollars in returns to the over 1 million traders who own it across all 50 states of America.
