{"id":150659,"date":"2023-09-06T11:37:20","date_gmt":"2023-09-06T06:07:20","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=150659"},"modified":"2023-09-06T11:37:20","modified_gmt":"2023-09-06T06:07:20","slug":"grayscale-pushes-sec-to-convert-its-gbtc-to-spot-bitcoin-etf-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/grayscale-pushes-sec-to-convert-its-gbtc-to-spot-bitcoin-etf-crypto-news\/","title":{"rendered":"Grayscale Pushes SEC to Convert its GBTC to Spot Bitcoin ETF – Crypto News"},"content":{"rendered":"

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On Tuesday, September 5, the world\u2019s largest asset manager Grayscale submitted a letter to the U.S. Securities and Exchange Commission (SEC) requesting their cooperation on the way forward to converting its Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin ETF.<\/p>\n

Grayscale said that the SEC has no legal reason left to block this conversion, after the recent court ruling<\/a>. In its recent letter on Tuesday, Grayscale noted:<\/p>\n

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\u201cNow that the Court of Appeals has spoken, there is no available rationale that would distinguish a Bitcoin futures ETP from a spot Bitcoin ETP under the legal analysis previously adopted by the Commission in rejecting spot Bitcoin ETPs.\u201d<\/p>\n<\/blockquote>\n

Besides, Grayscale expressed its belief that the SEC should determine that there are \u201cno valid reasons\u201d for treating GBTC differently from Bitcoin futures ETFs, which have received prior approval from the Commission.<\/p>\n

Notably, on August 29, a U.S. Appeals Court issued a ruling against the SEC\u2019s rejection of Grayscale\u2019s request to transform GBTC into a traditional Bitcoin ETF.<\/p>\n

<\/p>\n

Grayscale \u2013 US SEC Has No Other Grounds of Rejection<\/h3>\n

Grayscale emphasized that if there were any additional grounds for denying the conversion, aside from the Exchange Act\u2019s mandate to prevent fraudulent and manipulative actions, those reasons would have already been evident.<\/p>\n

<\/p>\n

\u201cWe are confident that it would have surfaced by now in one of the fifteen Commission orders that rejected spot Bitcoin filings even after Bitcoin futures ETPs began trading,\u201d the asset manager wrote<\/a>.<\/p>\n

Grayscale also pointed out that its fund conversion request has been awaiting approval for nearly three times the duration outlined in the SEC\u2019s regulations. Joseph A. Hall, the author of Grayscale\u2019s previous letter to the SEC in July, which urged the approval of all pending ETF applications simultaneously, concluded the latest letter by stating:<\/p>\n

\u201cWe believe the Trust\u2019s nearly one million investors deserve a level playing field as quickly as possible.\u201d<\/p>\n

Since the August 29 court ruling, the GBTC discount, which indicates how much an ETF is trading above or below its net asset value, has decreased to 19.9%. During the bear market that followed the FTX collapse in December 2022, GBTC\u2019s discount was approaching negative 50%.<\/p>\n

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\u2713 Share:<\/p>\n

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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On Tuesday, September 5, the world\u2019s largest asset manager Grayscale submitted a letter to the U.S. Securities and Exchange Commission (SEC) requesting their cooperation on the way forward to converting its Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin ETF. Grayscale said that the SEC has no legal reason left to block this conversion, after […]<\/p>\n","protected":false},"author":2,"featured_media":67307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-150659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/150659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=150659"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/150659\/revisions"}],"predecessor-version":[{"id":150664,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/150659\/revisions\/150664"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/67307"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=150659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=150659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=150659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}