in the past hours SECsending a letter to Grayscale, is doing its best to keep the ETF application process short.
Grayscale‘s lawyers SEC He sent a letter to , requesting that they meet to discuss the next steps regarding the conversion of Grayscale Bitcoin Trust (GBTC). Claiming that there is no reason to postpone the ETF application process, Grayscale garnered great support in its post published on X.
Today, our legal team and counsel at Davis Polk & Wardwell and Munger Tolles & Olsen delivered a letter to the SEC with important information to consider as it decides on next steps for $GBTC. (1/3) pic.twitter.com/OHGlyvjcAm
— Grayscale (@Grayscale) September 5, 2023
Harsh statements came from Grayscale
Stating that the SEC does not have any reason to postpone the ETF application, Grayscale stated that they will do their best to keep the process short and said:
“Now that the Court of Appeals has spoken, there is no basis to distinguish a Bitcoin futures ETP from a spot Bitcoin ETP under the legal analysis adopted by the Commission in its previous rejection of spot Bitcoin ETPs. We are confident that this will be revealed by now in one of the fifteen Commission orders rejecting spot Bitcoin applications even after Bitcoin futures ETPs begin trading.”
Grayscale’s ETF application, which has not yet been made clear, is of critical importance not only on a company basis but also in terms of the sector. The SEC, which collectively postponed ETFs a few days ago, caused a sharp decline in BTC. How the next process will take shape is followed with curiosity by crypto investors.
