Grayscale urges SEC to approve all Bitcoin ETFs simultaneously

Key Points

• Grayscale has asked the US SEC to consider approving all pending Bitcoin ETFs simultaneously so no company gets an advantage over the other.

• The US SEC is expected to approve the first-ever BTC ETFs that offer almost direct exposure to the premiere cryptocurrency now that TradFi organizations like BlackRock have joined the race.

Grayscale, a Bitcoin ETF applicant, has asked the US SEC to consider approving all Bitcoin ETFs simultaneously to ensure no company has an advantage over the other as competition grows. 

Bitcoin ETFs continue stealing the show

Bitcoin ETFs have continued to be the talk of the town as investors expect them to change the crypto market and mark a turnaround in the adoption culture of the assets. This turnaround has resulted from a growing interest from TradFi firms and other institutions.

BlackRock first disclosed that it was going into the crypto space via an application for a Bitcoin ETF. As a result, many other traditional finance institutions followed closely and filed for similar assets to keep them competitive against the company. 

One of the first companies to ever apply for a Bitcoin ETF, Grayscale, has been talkative about the saga asking the US SEC to consider a simultaneous approval of the assets so no company gets approval earlier than the others. In July 27 post, the company’s Chief Legal Officer Craig Salm submitted a letter to the US SEC regarding the existing eight spot Bitcoin ETF fillings.

Grayscale added that it’s skeptical about the passing of the ETFs that have been filed with sharing agreements SSAs, with Coinbase, terming it as a “not a new idea” and saying it would be hard to meet SEC’s standards. 

The SEC should approve spot #bitcoin ETFs to trade in the US.
What’s more, their previous approval of bitcoin futures ETFs shows that they are already in a position to do so.
Read more about the latest from our legal team: https://t.co/UC8ksqNcwy $GBTC $BTC

— Grayscale (@Grayscale) July 27, 2023

Further concerns on the ties with Coinbase continue as the exchange is under a lawsuit and investigation by the US SEC on violation of securities laws. However, neither the lawsuit nor the ETF applications have reached final levels of determination, which leaves most of the developments in limbo.

Keep watching Fintech Express for more updates on Bitcoin ETFs applications in the US and other Fintech-related developments.