Grayscale launches campaign to encourage public comments on Bitcoin ETF application
As the U.S. Securities and Exchange Commission is considering whether to approve or deny asset manager Grayscale’s application for a Bitcoin spot exchange-traded fund, the firm has called on American investors to submit comments to the regulator.
In a Tuesday Twitter thread, Grayscale CEO Michael Sonnenshein announced the launch of an advocacy campaign for U.S.-based investors to speak their minds to the SEC before any final decision is reached on the Bitcoin (BTC) investment vehicle. Since the NYSE Arca filed with the regulatory body on Oct. 19 to list shares of Grayscale’s Bitcoin ETF under the ticker GBTC, the commission has twice delayed its decision on Dec. 15 and Feb. 4.
“This campaign aims to educate and inspire the investment community to take action and make their voices heard on this historic decision,” said Sonnenshein.
Today @Grayscale announced the launch of a new public campaign to encourage American investors to submit comments on our application with the SEC to convert $GBTC to a Spot Bitcoin ETF.
According to Grayscale’s chief legal officer Craig Salm, the firm has already received more than 200 letters in hopes of the SEC allowing the firm to convert its Bitcoin Trust into a physically-backed fund. Salm said some of the common themes from the feedback included calling a crypto ETF “in the public’s best interest,” allowing the U.S. to stay competitive with innovative investment vehicles, and calling out the SEC’s “nonsensical” approach in approving ETFs linked to Bitcoin futures but not BTC spot ETFs.
The Feb. 4 deferment from the SEC opened the floor to “interested persons to provide comments on the proposed rule change” for Grayscale’s BTC spot ETF. The regulatory body has the ability to extend the
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