7 months ago
Grayscale is lobbying for the US SEC to o.k. options connected its spot Bitcoin exchange-traded money (ETF), Reuters reported connected Feb. 29.
Grayscale CEO Michael Sonnenshein said:
“It is captious to the interests of GBTC and each spot Bitcoin [exchange-traded product] investors to entree exchange-listed options connected GBTC and different spot Bitcoin ETPs.”
The SEC approved Grayscale’s spot Bitcoin ETF (GBTC) successful January. Unlike astir of the different recently approved spot Bitcoin ETFs, GBTC was converted to an ETF from an existing fund.
Options could heighten regulation
According to Sonnsenshein, the SEC’s rejection of options connected GBTC would unfairly discriminate against shareholders due to the fact that the regulator has approved options connected Bitcoin futures ETFs.
He added that options could besides enactment spot Bitcoin ETF concern much broadly arsenic they could supply terms discovery, assistance marketplace information navigation, and enactment hedging and income generation.
Furthermore, options would bring BTC wrong the regulatory perimeter, allowing much marketplace participants, including declaration merchants and broker-dealers, to commercialized the funds.
Grayscale’s missive was reportedly prompted by the SEC’s determination to unfastened comments connected options for its ETF connected Feb. 23. The regulator’s announcement besides opened comments connected Bitwise’s equivalent ETF and different NYSE-listed trusts that clasp Bitcoin.
Previously, successful January, the SEC opened comments connected options for BlackRock’s Nasdaq-listed spot Bitcoin ETF and assorted Cboe-listed spot Bitcoin ETFs.
Grayscale is simply a cardinal ETF player
Grayscale’s communications with the SEC are captious due to the fact that its past efforts person contributed to approvals. After the SEC dismissed Grayscale’s spot Bitcoin ETF application, the steadfast initiated a ineligible lawsuit against the regulator and won a triumph that compelled the SEC to re-address the matter.
SEC seat Gary Gensler cited that outcome successful his agency’s support of spot Bitcoin ETFs, noting that the ineligible effect made support the “most sustainable way forward.”
The institution and different plus managers person besides applied for spot Ethereum ETFs. Grayscale’s exertion precocious gained enactment from Coinbase connected Feb. 21.
While Grayscale’s latest missive does not compel the SEC to enactment successful immoderate way, the company’s past value means that its remark could power aboriginal outcomes.
The station Grayscale lobbying for regulatory support of options for spot Bitcoin ETFs appeared archetypal connected CryptoSlate.
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