As the US Securities and Exchange Commission considers whether to approve or reject asset manager Grayscale’s application to create a Bitcoin spot ETF, the company has asked US investors to submit comments to the regulator.
In a Twitter thread on Tuesday, Grayscale CEO Michael Sonnenshein ad the launch of a support campaign for US investors to speak their minds to the SEC before a final decision is made on the investment vehicle in Bitcoin (BTC). Since NYSE Arca requested the listing of the shares of the Grayscale Bitcoin ETF under the ticker GBTC from the regulatory body on October 19, the commission has delayed its decision twice, on December 15 and February 4.
“This campaign is intended 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.
— Sonnenshein (@Sonnenshein) February 22, 2022
Today Grayscale announced the launch of a new public campaign to encourage US investors to submit comments on our application to the SEC to convert the GBTC into a Bitcoin spot ETF.
According to Grayscale General Counsel Craig Salm, the company has already received over 200 letters hoping the SEC will allow him to convert his Bitcoin Trust into a physical backed ETF. Salm said some of the common themes of the comments included calling a cryptocurrency ETF “in the best interest of the public,” allowing the US to stay competitive with innovative investment vehicles, and calling the approach “pointless.” “from the SEC in approving ETFs tied to Bitcoin futures but not BTC spot ETFs.
The postponement of February 4 by the SEC Opened the ability for “interested persons to submit comments on the proposed rule change” for the Grayscale BTC ETF. The regulator has the ability to extend the deliberation period up to 240 days from the publication of the proposed rule change in the Federal Register on November 8, which means that the SEC should make a decision before November 6. July 2022.
To date, the SEC has not approved any investment vehicles with direct exposure to cryptocurrencies. Grayscale filed to restructure its Bitcoin Trust into an ETF in October, shortly after the SEC approved the listing of ProShares’ Bitcoin Strategy ETF on the New York Stock Exchange and shares of crypto asset manager Valkyrie’s Bitcoin ETF fund on the New York Stock Exchange. Nasdaq stock market.
If approved by the SEC, Grayscale would be the first publicly traded spot Bitcoin ETF in the United States. This year, the regulator has already rejected applications from Fidelity’s Wise Origin Bitcoin Trust and the First Trust SkyBridge Bitcoin ETF Trust, but is expected to make a decision on the NYDIG Bitcoin Spot ETF and the NYDIG BTC ETF in March. asset manager Stone Ridge Holdings Group.
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