The digital asset manager, Grayscale has sent a letter to the SEC informing about its further process towards offering the Bitcoin ETF.
Grayscale announced that its lawyers have delivered a letter to the SEC which consists of important information on its next step for enabling spot GBTC. The letter is prepared by Grayscale’s legal team along with partner law firms Davis Polk & Wardwell and Munger Tolles & Olsen.
The letter provides the SEC with major points to consider which are recommended by Grayscale’s legal team.
Grayscale highlighted key quotes from the letter, “If any other reason could be offered in attempting to differentiate spot Bitcoin ETPs from Bitcoin futures ETPs…we are confident that it would have surfaced by now in one of the fifteen Commission orders.”
It also highlights that Grayscale’s spot Bitcoin Rule 19b-4, the filling for its Spot Bitcoin ETF, is now in review for over three times longer than the time it was assigned.
Furthermore, the letter suggests the regulator to issue an order approving NYSE Arca’s Rule 19b-4 filing alongwith authorizing its executives to work with them in accordance to listing of Trust’s shares on market.
On 29th August, Grayscale won approval from the Court of Appeals to convert its GBTC Trust into a spot Bitcoin ETF, while it was denied by the SEC before.
“GBTC is ready to operate as an ETF upon regulatory approval, and Grayscale and its investors look forward to more information from the SEC,” the company said.