Grayscale Attorneys ask SEC for Bitcoin ETF Approval

Attorneys for Grayscale, the digital currency asset manager, have sent a letter to the US Securities and Exchange Commission arguing that the regulator’s approval of bitcoin futures exchange-traded funds, but not bitcoin spot-based ETFs, is “arbitrary and capricious,” and in violation of the Administrative Procedure Act (APA).

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  1. The US SEC has not approved spot bitcoin ETFs.

  2. The SEC rejected VanEck's application for a spot bitcoin ETF.

  3. Non-deliverable forwards are seen as a gateway to crypto for traditional financial institutions

  4. The bitcoin ETP from the provider of institutional-grade, digital asset-backed securities has gathered $1.6bn.

  5. The SEC has yet to approve a spot bitcoin ETF.