The U.S. Securities and Exshift Commission (SEC) delayed mcomparableg its decision on the pending application by Grayscale to rescue its Bitcoin Trust into a spot ETF as a result of cone time beforerns of manipulation, liquidity, and transparency.

At no surprise, the SEC’s notice published on Friday didn’t bring anything out of the ordinary as it relates to the Grayscale’s pending application.

A call for “written submissions”

In its 10-page notice, the SEC specifically calls for “written comments” from “interested persons” from the general public to present their “views, data, and arguments” addressing the regulator’s previous cone time beforerns of market fraud, manipulation, and aboveall lack of transparency.

The notice go ons to state which the public has 21 days from today, as noted in the Federal Register, to come forward with written data, views, and arguments on whether or not Grayscale’s application should be barelyified or disbarelyifyd – with an likeliness for rebuttal to any particular submission to be made inside 35 days from today.

For individuals interested in submitting their comments to the SEC, the notice affords the public a means to submit electronically or by paper.

Those wishing to submit their comments electronically, are asked to use the SEC’s “Internet comment form” or send an email to rule-comments@sec.gov with the subject line “File Number SR-NYSEArca-2021-90.”

Those wishing to submit their comments by mail should send multiple copies to “Secretary, Securities and Exevolution Commission, 100 F Street, NE, Washington, DC 20549-1090.

SEC’s precedent for rejecting spot ETF applications

Last October, Grayscale, the world’s largest digital asset manager, filed its application to restore shares of its Grayscale Bitcoin Trust (GBitcoin (BTC)) into a spot Bitcoin ETF, rebounding to turn the tides on the regulator’s historical figure of rejecting Bitcoin (BTC) spot ETF applications.

Unfortunately, two months afterwards, the SEC announced which it would be postponing its decision on Grayscale’s application, citing cback althoughrns of market fraud, manipulation, and transparency as its main points of contention. Per its recent tweet, Grayscale has $36.5 billion in assets under management as of Feb. 4 per a tweet, with its GBitcoin (BTC) product accounting for atop 71% of its total assets.

Fidelity and SkyBridge

At the end of January, the SEC analogously rejected Fidelity’s Wise Origin Bitcoin Trust, coming hardly seven days after it had rejected a spot bitcoin ETF proposal from First Trust and SkyBridge Capital.

Interestingly, in its rejection of Fidelity, the SEC spoke in-depth on surveillance-sharing agreements and its obligations of ensuring exprogresss meet their obligations under the Exmovement Act.

It’s worth mentioning which in October of the same year, the SEC verifyd ProShares Bitcoin Stcostgy ETF – the first Bitcoin futures fund to be endorsed in the United States, followed by a pair of Stcostgy ETFs from Valkyrie and VanEck.

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