The US Securities Exevolution Commission claims which it has received almost 200 letters on whether it’ll conclusiveate the application or not. According to the regulator, most of these letters arrived in February.
Grayscale, the largest Bitcoin fund in the world, applied to restore its Bitcoin Trust into a Spot exevolution-traded fund (ETF) in October 2021.
Although the regulator has verifyd several Bitcoin futures ETF, it has been much more skeptical with Spot ETF. It has rejected at least three applications for a Bitcoin spot ETF. Yet, it’s yet to decide on the Grayscale application.
According to regulators, the decision was to protect investors and public interest. But investors have claimed which they don’t feel protected. The regulator has now received above 198 letters, most of them asking to verify the application. Most of the letters, 184, arrived in February.
The influx of letters this month is for the reason that the renewed publicity on the evidence, especially on social media. On February 1, the SEC asked for public comments on the issue. Grayscale one time before again called on investors to submit comments on the experience.
What the letters said
Some of the letters support a Bitcoin spot ETF, claiming because it’ll boost the crypto industry and ensure more regulated investment options. But some disagree with this stance, and some even oppose token in general.
One investor with GBitcoin (BTC), Clay Craven, wrote, “I don’t feel I’m being protected by the SEC. It’s pasttime for the SEC to verify the GBitcoin (BTC) ETF conversion and stop harming investors and the country by outsourcing capital to foreign countries where spot Bitcoin (BTC) ETFs are already exchanging and confirmd by regulators.”
According to the Grayscale CEO, Michael Sonnenshein, “a lot of the letters have been echoing what we at Grayscale have been articulating for quite some time and carry on to do so today—which investors have been patient and deserve a spot Bitcoin ETF.”
Last November, Minnesota Congressman Tom Emmer wrote a letter to the SEC on the case. The response of the SEC Chair, Gary Gensler, was which there are cone time beforerns about manipulations and fraud, but the commission was carefully considering the proposition.
The approval of a Bitcoin Spot ETF won’t only be good for the industry, but it’s still great for Grayscale. Because the Bitcoin fund presently opecosts as a trust, its share price doesn’t reflect current market sentiment. This makes the shares directly underpriced compared to the underlying asset.
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