Asset manager Grayscale has made a new appeal to the Securities Exchange Commission to upgrade its Grayscale Bitcoin Trust into an exchange-traded fund (ETF).
In a letter to the agency dated April 18, Grayscale’s legal counsel Davis Polk & Wardwell noted that the SEC’s recent approval of the so-called Teucrium Bitcoin Futures Fund provides a basis on which it should approve Grayscale’s own spot-based ETF product.
„We believe the Teucrium order confirms the fundamental point made in our November 29, 2021 letter in support of the above-referenced proposal: when it comes to approving ETPs, there is no basis for treating spot Bitcoin products differently from Bitcoin futures products,” the letter said.
The agency has yet to approve a spot ETF, citing concerns about market manipulation among exchanges that facilitate the trade of spot bitcoin. Bitcoin futures, however, trade on US-based exchanges, which are under the regulator purview of the Commodities Futures Trading Commissi
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