.Grayscale keeps trying to convert $GBTC into a Bitcoin ET
The U.S. Securities and Exchange Commission has so far shot down multiple proposals to launch a spot Bitcoin ETF that was put forward by such major players as Fidelity and SkyBridge. The agency has repeatedly cited the absence of investor protection mechanisms within the sector as the key reason for continuous rejections., Grayscale filed to convert its Bitcoin trust, which currently controls roughly $25 billion in the largest cryptocurrency, into a spot ETF last October.
The SEC is currently accepting public comments on Grayscale's rule change proposal. In February, Bloomberg's Eric Balchunas noted that the vast majority of opinions were in favor of greenlighting the product. The general consensus appears to be that the SEC has already approved several futures-based Bitcoin ETFs, which is why it makes sense to approve a product that tracks the value of physical Bitcoin instead of derivatives.
Grayscale has accused the SEC of creating"an unfair playing field" by stubbornly refusing to approve a Bitcoin ETF. With that being said, Sonnenshein is convinced that the regulator will reverse its stance in the future.
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