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