Grayscale Urges SEC for Fair Treatment

Adekunle Joshua

Crypto fund manager Grayscale urges SEC to approve all proposed spot Bitcoin ETFs at once, avoiding advantages for one

Grayscale's Chief Legal Officer Craig Salm submitted a letter arguing for fair and orderly decisions on the 8 spot Bitcoin ETF filings, including Grayscale own

The letter claims SEC could approve spot ETFs based on approvals for Bitcoin futures ETFs, as both fund types are "inextricably linked"

Grayscale adds recent surveillance sharing agreements (SSAs) between Coinbase and spot ETF providers are not a new idea and won't meet SEC standards

ETF filings from Invesco, BlackRock, Valkyrie, VanEck, Wisdom, Fidelity, and ARK Invest were updated to include Coinbase SSAs. Coinbase to share information for market monitoring

Grayscale claims SSAs aren't necessary under SEC standards, as Coinbase isn't registered with SEC or CFTC. Approving ETFs would be a significant change and grant unfair advantages

SEC previously denied Grayscale's application for a spot Bitcoin ETF. Grayscale sued, alleging inconsistent treatment of similar investment vehicles