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Grayscale tells SEC 'no basis' to approve Bitcoin futures ETFs and not spot ETFs
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Grayscale Investments has fired back a the U.S. Securities and Exchange Commission (SEC) over the recent rejection of VanEck’s spot Bitcoin ETF application.
The operator of the Grayscale Bitcoin Trust (GBTC) issued a letter to Secretary of the SEC, Vanessa Countryman, on Nov. 29 to argue the SEC is wrong to reject spot Bitcoin ETFs since it has now approved three Bitcoin futures ETFs, one each from VanEck, Valkyrie, and ProShares.
Grayscale argues that the SEC has “no basis for the position that investing in the derivatives market for an asset is acceptable for investors while investing in the asset itself is not.”
It claims the SEC violated the Administrative Protections Act (APA) by failing to treat the two Bitcoin ETF products the same.
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