Best Crypto to Buy Now September 6 – Synthetix, Chainlink, Render
Investment manager Grayscale is urging the Securities and Exchange Commission (SEC) to expedite the conversion of the Grayscale Bitcoin Trust (GBTC) into a Bitcoin exchange-traded fund (ETF).
This comes on the heels of Grayscale's major court victory over the SEC last week.
Given the latest updates on a potential Bitcoin ETF approval, what are the best cryptos to buy now?
In a letter to the SEC, Grayscale lawyers have requested an urgent meeting to discuss a path forward for approving the conversion of GBTC into an ETF.
They argued the SEC no longer has grounds to deny the conversion after the U.S. Court of Appeals for the D.C. Circuit ruled the agency “erred” in previously rejecting Grayscale’s ETF application.
The unanimous ruling stated the SEC acted “arbitrarily and capriciously” in rejecting GBTC’s ETF bid while approving ETFs holding Bitcoin futures contracts.
According to Davis Polk attorney Joseph Hall, who penned the letter, the court decision showed additional fraud surveillance agreements, like those between ETF issuers and crypto exchange Coinbase, are unnecessary for Bitcoin ETF approval.
The window for the SEC to appeal the ruling is closing, with a mid-October deadline to request a rehearing. While the agency could try bringing the case to the Supreme Court, analysts say an appeal is unlikely to succeed.
“Each day that passes without listing the Trust’s shares on NYSE Arca is another day when the Trust’s existing investors bear unjustified harm,” Hall wrote in the letter. GBTC currently trades at a 20% discount to its underlying Bitcoin holdings.
Other major asset managers, including BlackRock and Fidelity Investments, have Bitcoin ETF applications pending with the SEC.
The recent court decision signals approvals
Read more on cryptonews.com
