• News
    • Bitcoin
    • Altcoins
  • NFT
  • Metaverse
  • Analysis
  • Regulation
  • Learn
  • Market Cap
What's Hot

Valentino Rossi Steps into The Sandbox with ValeVerse

2023-09-27

Opportunities for Artists and Creators at Decentraland Music Festival 2023

2023-09-26

Hitachi Leverages Metaverse and VR for Next-Generation Workforce Training

2023-09-25
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook TikTok Instagram YouTube
CryptoNewsMetaverse
  • News
    • Bitcoin
    • Altcoins
  • NFT

    U.S. IRS Considers Taxing NFTs Like Other Collectibles

    2023-03-21

    Meta Shuts Down NFT Project to Focus on FinTech and Content

    2023-03-14

    Solana’s Solend V2 Release, Is SOL Price $50 Next?

    2023-03-06

    Amazon NFT Marketplace To Reportedly Launch Next Month

    2023-03-06

    Blur Coin Under Fire As Allegations Of Wash Trading Emerge

    2023-03-01
  • Metaverse

    Valentino Rossi Steps into The Sandbox with ValeVerse

    2023-09-27

    Opportunities for Artists and Creators at Decentraland Music Festival 2023

    2023-09-26

    Hitachi Leverages Metaverse and VR for Next-Generation Workforce Training

    2023-09-25

    Upland and KABOOM! Unite to Address Playspace Inequity

    2023-09-22

    Decentraland Hosts the First Metaverse Architecture Biennale

    2023-09-20
  • Analysis

    DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

    2023-01-08

    Mark Cuban Makes Prediction on Next Crypto ‘Scandal,’ Warns of Potential Implosion if Exposed: Report

    2023-01-08

    Binance Listings Cause Crypto Assets To Spike an Average of 41%: New Research

    2023-01-08

    Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment

    2023-01-07

    Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO

    2023-01-07
  • Regulation

    Ripple files motion to block SEC appeal attempt

    2023-09-04

    JP Morgan believes SEC will be forced to approve ETFs after losing case against Grayscale

    2023-09-03

    Ripple Files Motion To Oppose SEC Appeal Over Landmark XRP Ruling

    2023-09-03

    U.S. SEC Punts on Bitcoin (BTC) Spot Exchange-Traded Fund Approvals, Delays Decisions Until October

    2023-09-02

    Navigating the significance of legal opinions in the crypto sphere

    2023-09-02
  • Learn

    What is NBA Top Shot? A Beginner’s Guide

    2023-09-22

    What Are Bridges in Crypto? Cross-Chain Bridges, Explained – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    2023-09-21

    SingularityNET (AGIX) Price Prediction 2023 2024 2025

    2023-09-18

    What Are Altcoins? Best Altcoins to Buy  – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    2023-09-08

    Your Guide to the Digital World of ENS Domains – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    2023-09-04
  • Market Cap
CryptoNewsMetaverse
Home»Regulation»Grayscale Replies to SEC, Argues That Bitcoin (BTC) Spot ETF Denial Is Illogical
Grayscale Replies to SEC, Argues That Bitcoin (BTC) Spot ETF Denial Is Illogical
Regulation

Grayscale Replies to SEC, Argues That Bitcoin (BTC) Spot ETF Denial Is Illogical

2023-01-14No Comments2 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Crypto hedge fund Grayscale is telling the U.S. Securities and Exchange Commission (SEC) that its denial of Bitcoin (BTC) exchange-traded funds (ETFs) is “illogical.”

Replying to a brief filed by the SEC last month, Grayscale says that converting the Grayscale Bitcoin Trust (GBTC) into a spot BTC ETF would greatly benefit traders by unlocking value and increasing investor protections.

“For more than 850,000 investors, converting GBTC to a spot Bitcoin ETF would unlock over $4 billion of value by providing the regulatory relief necessary for the product to simultaneously create and redeem shares, thereby enabling arbitrage to address both premiums and discounts of the shares as compared to net asset value.

This conversion would also subject trading in GBTC to heightened regulatory standards and enhance investor protections. The SEC’s reluctance to further bring Bitcoin into the regulatory perimeter through a spot Bitcoin ETF has prevented US investors from gaining the Bitcoin investment exposure they both want and deserve.”

Grayscale first sued the SEC in June 2022. In an October 2022 filing, the firm alleged that the regulatory agency was displaying bias when it rejected the hedge fund’s bid for a Bitcoin ETF in June.

In the lawsuit, Grayscale claims that the SEC’s approval of other BTC-related products, such as its approval of a BTC futures ETF on the Chicago Mercantile Exchange (CME), is inconsistent with its rejection of Bitcoin ETFs.

In the official court filing, Grayscale refers to the SEC’s decision to grant a futures BTC ETF on CME based on its level of security as “illogical” because the same type of security would be needed to operate a BTC ETF.

“The Order in this case is arbitrary to its core. Its central premise – that the Exchange’s surveillance-sharing agreement with the CME provides adequate protection against fraud and manipulation in the Bitcoin futures market but not the spot Bitcoin market – is illogical.

Any fraud or manipulation in the spot market would necessarily affect the price of Bitcoin futures, thereby affecting the net asset value of an ETP [exchang-traded product] holding either spot Bitcoin or Bitcoin futures as well as the price investors pay for such an ETP’s shares.”

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Generated Image: Midjourney
Featured Image: Shutterstock/Fotomay



Source link

argues Bitcoin BTC Denial ETF Grayscale Illogical Replies SEC Spot
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ripple files motion to block SEC appeal attempt

2023-09-04

JP Morgan believes SEC will be forced to approve ETFs after losing case against Grayscale

2023-09-03

Ripple Files Motion To Oppose SEC Appeal Over Landmark XRP Ruling

2023-09-03

U.S. SEC Punts on Bitcoin (BTC) Spot Exchange-Traded Fund Approvals, Delays Decisions Until October

2023-09-02
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Billionaire Warren Buffett Once Again Lashes Out At Bitcoin

2022-05-01

Three Arrows Capital Assets Frozen by Judge in New York As Founders’ Whereabouts Remain Unknown: Report

2022-07-15

Bitcoin (BTC) Price Dips Significantly As Crypto Market Losses $400 Million; Here’s Why

2022-05-06

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Instagram YouTube TikTok
Top Insights

Valentino Rossi Steps into The Sandbox with ValeVerse

2023-09-27

Opportunities for Artists and Creators at Decentraland Music Festival 2023

2023-09-26

Hitachi Leverages Metaverse and VR for Next-Generation Workforce Training

2023-09-25
Get Informed

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptonewsmetaverse.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$26,177.00-0.02%
  • ethereumEthereum(ETH)$1,593.040.44%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.08%
  • binancecoinBNB(BNB)$211.08-0.39%
  • rippleXRP(XRP)$0.50-0.46%
  • usd-coinUSDC(USDC)$1.00-0.06%
  • Lido Staked EtherLido Staked Ether(STETH)$1,594.290.58%
  • cardanoCardano(ADA)$0.243572-0.47%
  • dogecoinDogecoin(DOGE)$0.0604280.22%