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Grayscale Meets With SEC To Persuade Approval of First Ever Spot Market Bitcoin (BTC) ETF: Report

Crypto asset manager Grayscale is attempting to convince the U.S. Securities and Exchange Commission (SEC) to approve the first-ever spot market Bitcoin (BTC) exchange-traded fund (ETF).

According to a new report by CNBC, Grayscale gave a private presentation to the SEC in order to persuade them into allowing the crypto firm to turn the Grayscale Bitcoin Trust (GBTC) into a New York Stock Exchange (NYSE)-traded ETF.

To gain the regulatory body’s favor, Grayscale notes that the conversion would broaden access to the top crypto asset by market cap Bitcoin, enhance the protection of the trust and unlock up to $8 billion for investors.

Grayscale also says they would like to see the SEC treat Bitcoin ETFs the same way they do futures-based BTC ETFs as they are not riskier. So far, the SEC has approved numerous futures-based Bitcoin ETFs but has so far rejected every proposal for a spot market one.

As the digital asset manager says, according to CNBC,

“The SEC is discriminating against issuers by approving Bitcoin futures ETFs and denying Bitcoin spot ETFs.”

Grayscale CEO Michael Sonnenheim sounded off in late April about the SEC’s perceived unfair treatment of the two different types of ETFs after the SEC approved a futures-based ETF from ETF-provider Teucrium.

“If the SEC is comfortable with a Bitcoin futures ETF, they must also be comfortable with a spot Bitcoin ETF. And they can no longer justifiably cite the ’40 Act as being the differentiating factor.”

The SEC is slated to make a decision by July 6th.

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Featured Image: Shutterstock/Art Furnace

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