ETF Bitcoin “spot”: Grayscale ready for war against the SEC

The jokes are over – Since the acceptance of a first Bitcoin ETF based on forward contractsin October 2021, the cryptosphere is desperately awaiting a Physical ETFs of BTC, says “ square “. But the Security and Exchange Commission (SEC) does not hear it that way, and is dragging its feet. A situation that no longer tolerates Shades of grey.

Grayscale goes on the offensive in the face of SEC provocations

It will soon be 6 months that the American SEC remains entrenched in its bunker, refusing Bitcoin spot ETFs one after another. A position all the more incomprehensible since the regulator has accepted first exchange traded funds on the king of cryptos.

But obviously physical ETFs – based on real bitcoin underlyingsnot indexed futures in dollars on the price of BTC – do not suit him. The problem for the US financial policeman is that society Grayscale Investments stop laughing at these rejections or postponements bitcoin spot ETF.

Grayscale intends to do well with its fund GBTC (Grayscale Bitcoin Trust) a physical ETF based on its huge hard-hit bitcoin stocks. Thus, in a recent interview reported by Cointelegraph, Michael SonnensteinGrayscale CEO – does not hesitate to threaten the SEC with legal proceedingin the event of an “unjustified” refusal by his ETF.

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No ETFs? So “all options are on the table”

If the application for Grayscale’s Bitcoin ETF were to be denied by the Security and Exchange CommissionMr. Sonnenshein and his company are ready to go to trial. When the reporter asks if they are considering this option under theAdministrative Procedure Act (APA), the leader responds bluntly:

“I think all options are on the table. (…) The Grayscale team has put all the resources of our company behind the conversion of GBTC, our flagship investment fund, into an ETF [spot]. It is really important that investors know that we have and will continue to defend their interests. »

Michael Sonnenshein, CEO of Grayscale

A refusal would be all the more unacceptable that the GBTC is a financial product that has demonstrated its smooth running for several years, with already “investors in all 50 states [américains]and (…) more than 800,000 accounts in the United States”.

Faced with the onslaught of the cryptosphere, the SEC had launched a public consultation last February, on the question to accept or not the Bitcoin spot ETF offered by Grayscale. He took it very badly, since 95% of respondents support the conversion of GBTC into an exchange-traded fund. The deadline for approval of this Grayscale ETF is July 6, 2022. The SEC isn’t done sweating by then.

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