Grayscale Points Out SEC’s Different Behavior Amidst Its Latest Demand For Spot Bitcoin ETF - BitcoinEthereumNews.com
Grayscale, an asset manager, in a fresh appeal has demanded to upgrade its Grayscale Bitcoin Trust into an exchange-traded fund (ETF) from the Securities Exchange Commission. Davis Polk & Wardwell in a letter addressed to the agency on April 18, noted that the SEC should approve Grayscales own spot-based ETF product on the basis of its approval of the Teucrium Bitcoin Futures Fund recently. The letter also stated that “there is no basis for treating spot Bitcoin products differently from Bitcoin futures products.” Meanwhile, the approval of the agency on a spot ETF is also awaited. It cited concerns regarding market manipulation among exchanges that ease the spot bitcoin trade. Bitcoin futures is a US-based exchanges facilitator whose trade, comes under the regulation of the Commodities Futures Trading Commission. Contrary to the Investment Act of 1940, the Teucrium product was approved under the Securities Exchange Act of 1934, which makes its approval quite notable. Grayscale would launch its ETF under the same framework. A source said that the watchdog can‘t leverage the difference between the ’40 Act anymore, its the same act under which all prior futures were approved. If the agency approves a futures-based fund under the 34 Act but not a spot-one then the