2 years ago
Michael Bellusci is CoinDesk's crypto payments reporter.
Grayscale Investments LLC precocious met with the Securities and Exchange Commission (SEC) to amended marque its lawsuit for turning the Grayscale Bitcoin Trust (GBTC) into a spot bitcoin exchange-traded money (ETF).
“Following a productive meeting, we stay encouraged by our ongoing engagement with the SEC,” a Grayscale spokesperson told CoinDesk. “At Grayscale, we mean to support an unfastened dialog with regulators and policymakers arsenic we look up to July 6.”
Grayscale’s genitor institution Digital Currency Group is besides the proprietor of CoinDesk, which is tally arsenic an autarkic subsidiary.
Grayscale successful October 2021 initially applied to person its Grayscale Bitcoin Trust into a spot ETF. The SEC has since pushed disconnected a decision, but presently plans to render a verdict by July 6.
In a presentation made to the SEC astatine the caller meeting, Grayscale said converting its marquee merchandise into an ETF would “protect investors and the nationalist interest, allowing the merchandise to amended way nett plus worth portion giving investors the state to put successful Bitcoin successful a harmless and unafraid manner.”
Additionally, said Grayscale, an ETF conveyance alternatively of the existent spot operation would “allow amended NAV tracking, trim discounts and premiums, and unlock astir $8B for investors.”
The Grayscale Bitcoin Trust – presently with astir $20 cardinal successful assets nether absorption – has been known to commercialized astatine wide premiums/discounts to nett plus value, and presently sells for a 27% discount to NAV.
Giving immoderate anticipation to spot bitcoin ETF fans, the SEC successful April approved a futures-based money from Teucrium. What made this support antithetic than different futures-based ETFs was that its exertion was nether the “33 Act” and "34 Act" (the Securities Acts of 1933 and 1934). The erstwhile bitcoin (BTC) ETF approvals had been nether the “40 Act” (the Investment Company Act of 1940).
Providing context, Grayscale Chief Legal Officer Craig Salm told CoinDesk past month that the Teucrium advancement showed the SEC arsenic comfy not conscionable with ETFs regulated nether the 40 Act, but besides the 33 and 34 Acts, which is what spot bitcoin ETFs would beryllium regulated under.
Additionally, plus manager Bitwise has a spot bitcoin ETF exertion pending reappraisal with the SEC, with a last deadline of June 29. While declining to code the fund’s circumstantial chances of being approved, Matt Hougan, Bitwise’s main concern officer, successful April told CoinDesk “we’re making progress."
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Michael Bellusci is CoinDesk's crypto payments reporter.
Michael Bellusci is CoinDesk's crypto payments reporter.
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