1 year ago
According to Grayscale, the Volatility Shares ETF was an “even riskier" merchandise than Bitcoin futures ETFs, suggesting the SEC should let its spot crypto ETF to statesman trading.
Digital plus manager Grayscale has filed a missive successful its suit against the United States Securities and Exchange Commission (SEC) implicit the rejection of a spot Bitcoin exchange-traded money (ETF), citing a imaginable precedent successful furtherance of its case.
In a missive dated July 10, Grayscale’s ineligible squad notified the U.S. Court of Appeals for the District of Columbia Circuit of the listing of Volatility Shares Trust’s leveraged Bitcoin (BTC) futures ETF. The crypto concern conveyance started trading connected June 27 without interference from the SEC, which to day has not approved immoderate spot crypto ETFs but ones tied to BTC futures.
According to Grayscale, the Volatility Shares ETF exposes investors to an “even riskier concern product” than BTC futures ETFs, suggesting a imaginable avenue for the SEC to o.k. its offering. The plus manager filed a ineligible challenge against the committee successful June 2022 aft the SEC denied an exertion to person its Grayscale Bitcoin Trust into a spot Bitcoin ETF.
“The information that the Commission has allowed a leveraged bitcoin futures ETP to statesman trading demonstrates that the Commission continues to arbitrarily dainty spot bitcoin ETPs otherwise than bitcoin futures,” said Grayscale. “The 2x Bitcoin Strategy ETF is truthful exposed to adjacent much risks of the bitcoin markets than Grayscale’s projected spot bitcoin ETP.”
Related: Why a Bitcoin ETF support would beryllium a large deal
Today, our attorneys filed a missive with the DC Circuit highlighting the disparity betwixt the SEC’s support of a leveraged #bitcoin futures ETF portion continuing to contradict support of spot bitcoin ETFs similar $GBTC. Let’s dive deeper. /6 pic.twitter.com/z7WyGBthhT
— Grayscale (@Grayscale) July 10, 2023The missive added:
“The lone mode to destruct the Commission’s unequal attraction of bitcoin-based ETPs is to let projected spot bitcoin ETPs similar Grayscale’s to statesman trading.”Several firms person filed applications for spot crypto ETFs with the SEC including BlackRock — the largest plus absorption institution successful the satellite — and ARK Investment Management. Following a June study successful which SEC officials claimed the crypto ETF filings were not “sufficiently wide and comprehensive,” immoderate of the applications were refiled to see crypto speech Coinbase arsenic a surveillance partner.
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