Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result
Home Bitcoin News

Grayscale’s Message To The SEC Following Court Victory

Hania by Hania
September 6, 2023
in Bitcoin News
Reading Time: 2 mins read
A A
0
Grayscale's Ether Futures ETF Application Takes Center Stage
Share on FacebookShare on Twitter
ADVERTISEMENT

Table Of Content:

  • The SEC Is Out Of Options
  • Is it important to have a Spot Exchange Surveillance Agreement?

Grayscale told the SEC that approving their ETF registration is the agency’s only option.

Grayscale sent a letter to the Securities and Exchange Commission (SEC) on Tuesday with critical messages for the agency as it pursues the next steps, following its strong court win against the regulator.

Given the court’s decision, Grayscale brought up that the commission has run out of excuses to keep delaying the launch of a Bitcoin spot ETF.

The SEC Is Out Of Options

Grayscale urged the SEC to “move expeditiously” toward spot ETF approval, citing “no grounds” to treat spot Bitcoin ETFs differently than futures ETFs in its comment letter published on Tuesday.

You May AlsoLike

Mixin Network Falls Victim to $200 Million Security Breach

Mixin Network Falls Victim to $200 Million Security Breach

September 25, 2023
3 Cryptocurrencies To Avoid Trading In The Upcoming Week

3 Cryptocurrencies To Avoid Trading In The Upcoming Week

September 22, 2023

“If any other reason could be offered in attempting to differentiate spot bitcoin ETFs from bitcoin futures ETFs… we are confident that it would have surfaced by now in one of the fifteen Commission orders that rejected spot bitcoin filings,” stated Grayscale.

The SEC was accused of acting “arbitrary and capricious”  in Grayscale’s complaint against it because it appeared to prefer Bitcoin futures ETFs over spot ETFs.

Also Read: Grayscale vs. SEC Decision Boosts XRP

While the SEC maintained that the bitcoin futures market posed distinct risks from the spot market, the court ruled that the agency was “unreasonable” in its “discounting of the obvious financial and mathematical relationship between the spot and futures markets.”

Grayscale's Message To The SEC Following Court Victory

The company also said that its filing to convert its Bitcoin Trust into a spot ETF has taken “nearly three times the length” because the SEC can prolong its approval/denial deadline. Grayscale’s filing was made public in the federal registrar on November 8, 2021, and the SEC postponed its decision until early July 2022.

The SEC declined the application on June 29, 2022, but Grayscale’s lawsuit overturned the decision. “We question whether a disapproval order that is later vacated in full by the Court of Appeals can fulfil the Commission’s obligation to act within the timeframe needed to avoid deemed approval,” stated Grayscale.

Is it important to have a Spot Exchange Surveillance Agreement?

Assuming the SEC has time to reconsider its decision, Grayscale noted that the agency is continuing to harm existing GBTC investors by delaying approval and that investors in general prefer spot ETFs over futures ETFs.

The company also reminded the SEC that other recent spot ETF applicants are trying to sign a surveillance-sharing agreement with Coinbase to meet agency requirements. Grayscale, which wants a similar deal with the CME, said the CME alone should be enough to obtain approval.

“We believe the Commission may not now impose an additional, new requirement on spot bitcoin ETPs for a surveillance-sharing agreement with a spot bitcoin market,” it stated.

Tags: bitcoin etfcrypto news
Share76Tweet47
ADVERTISEMENT
Previous Post

Genesis Is Closing Its US-Based Cryptocurrency Trading Desk

Next Post

Crypto And Taxes: A Step-by-Step Guide To Monitoring And Reporting Transactions

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Mixin Network Falls Victim to $200 Million Security Breach
General News

Mixin Network Falls Victim to $200 Million Security Breach

September 25, 2023
3 Cryptocurrencies To Avoid Trading In The Upcoming Week
Altcoin News

3 Cryptocurrencies To Avoid Trading In The Upcoming Week

September 22, 2023
Crypto Taxes India: WazirX CEO’s Forecast For The Next Two Years
Bitcoin News

Crypto Taxes India: WazirX CEO’s Forecast For The Next Two Years

September 22, 2023
Robert Kiyosaki’s Insights On Gold, Silver, And Bitcoin
Bitcoin News

Robert Kiyosaki’s Insights On Gold, Silver, And Bitcoin

September 20, 2023
Crypto Industry Alert: SEC’s Enforcement Chief Signals More Charges for Exchanges and DeFi
Bitcoin News

Crypto Industry Alert: SEC’s Enforcement Chief Signals More Charges for Exchanges and DeFi

September 20, 2023
Bitcoin Futures Open Interest Surges By $1 Billion: Market Dynamics Unveiled
Bitcoin News

Bitcoin Futures Open Interest Surges By $1 Billion: Market Dynamics Unveiled

September 20, 2023
Next Post
Crypto And Taxes: A Step-by-Step Guide To Monitoring And Reporting Transactions

Crypto And Taxes: A Step-by-Step Guide To Monitoring And Reporting Transactions

Discussion about this post

Live Prices

Stay Connected

You May Also Like

  • Terra Classic Price Prediction: What Is an Ideal LUNC Buy Zone?

    Terra Classic Price Prediction: What Is an Ideal LUNC Buy Zone?

    201 shares
    Share 80 Tweet 50
  • Elon Musk’s Silence And Its Impact On DOGECOIN

    194 shares
    Share 78 Tweet 49
  • Grayscale vs. SEC Decision Boosts XRP

    194 shares
    Share 78 Tweet 49
  • 3 Cryptocurrencies To Avoid Trading In The Upcoming Week

    193 shares
    Share 77 Tweet 48
  • Bitcoin (BTC) vs. Worldcoin (WLD) Comparative Study

    192 shares
    Share 77 Tweet 48
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2023 CryptoMufasa - All Rights Reserved!

No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2023 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Table Of Content:

×
  • The SEC Is Out Of Options
  • Is it important to have a Spot Exchange Surveillance Agreement?
→ Index
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.