Grayscale, a top-leader manager of digital assets, has unveiled a totally new move in order to get approval from the Security and Exchange Commission in the US for its Bitcoin ETF. While 2022 is moving on rapidly, the call for more exchange trading funds for Bitcoin has been on the increase correspondingly. Financial and crypto experts are of the opinion that the call will be firmly on Wall Street stock exchanges.
July, a Possible Period for the Approval of Grayscale ETF
Going by the reports that have been making the rounds, the letter of Grayscale to the Security and Exchange Commission had a focus on the legal terms in order to aid the request in motion. The exchange firm is looking for a means for it to turn its $40 billion Bitcoin holdings into an exchange trading fund. The company’s move in that direction is coming at a time when discussions about the future of exchange trading funds are in top gear within the Security and Exchange Commission and without.
Nevertheless, there are feeders that a concrete decision about which way the request goes will be in public knowledge by July.
There are equally reports that nearly three other requests by the crypto firm are also on the queue seeking approval from the commission. Meanwhile, it is largely the proactive approaches that have been launched on the side of Grayscale that would finally give the exchange commission more impetus to act and make its decisions known early.
It is stated in a portion of Grayscale’s letter to the commission that where approval is concerned, there exists no reason for a different treatment for products of spot bitcoin and products of Bitcoin futures.
Is the Security and Exchange Commission Depleted in Excuses?
The Chief Liaison Officer at Grayscale, Craig Salm, has brought out the issue that it seems the exchange commission is steadily losing the power of reliance in knowing the real difference that exists between the regulations of spot ETF and the rules of ETF.
At an earlier date, the commission mentioned having some difficulty with tracking and the problems of manipulation that envelops the market for crypto assets to be the major reasons for its refusal to approve ETFs for spot crypto. It stated that exchange funds that hold crypto futures live in the market already while their trading activities are monitored by regulators.
It should be noted that the head of the commission, Gary Gensler, is a prominent opponent of the entire crypto market.