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Grayscale Makes A Renewed Effort For A Spot BTC ETF Approval

Leading crypto asset management firm, Grayscale, is leaving no stones unturned in its bid for its spot BTC ETF to be approved by the SEC. Many industry analysts believe that the SEC would approve at least one spot BTC ETF before this year is over.

Grayscale Makes The Push 

Per multiple sources, Grayscale has made a renewed push for its spot BTC ETF to be approved by sending a letter to the SEC explaining all the technical aspects of its spot BTC ETF proposal. The reluctance of the SEC to approve this grayscale proposal is the obstacle preventing the asset management firm from converting its $43B worth of BTC into an ETF.

Grayscale’s renewed push coincides with a period the SEC is seriously considering whether to start approving ETF proposals or permanently deny all such requests. Nevertheless, top industry analysts opine that the SEC will likely make a decision within the next three months, and they would decide to approve one of the many crypto ETF proposals on their desk.

Some analysts further claim that the SEC has already identified three crypto-related ETFs that it would approve by July 2022. However, Grayscale’s effort is to pressurize the SEC to take a stance faster.

Part of Grayscale’s letter reads, “the SEC needs to treat spot BTC ETP the same way it treats other BTC futures products when deciding to approve their proposals because there is no basis for the distinction.” The SEC’s argument against spot BTC ETF approvals is becoming watery – grayscale executive

One of Grayscale’s executives has opined that the financial regulator no longer has a basis for distinguishing between ETFs and spot ETFs’ rules. The SEC has continually claimed that it has yet to approve a spot crypto ETF because it has yet to find the appropriate way to track the digital asset market. The regulator further claimed that it has succeeded in monitoring the trades of other crypto futures products.

Despite being a blockchain lecturer before he was appointed SEC chief, Gary Gensler hadn’t shown support for the digital asset as many industry analysts had hoped when his appointment was announced. Gensler has often reiterated that the SEC needs to have full oversight functions over the crypto market to prevent any act of manipulation or fraud.

One of the ways the SEC is trying to regulate the crypto sector is to ensure that all crypto-related service providers receive an operational license from it. A proposal that is still awaiting the legislature’s approval.

Another Asset Management Firm Submits A Crypto ETF Proposal

While the sec is yet to approve any of the crypto ETF proposals it has received, another asset management firm, Simplify, has submitted its proposal. The fund will provide indirect crypto exposure for its investors. This ETF is one of the many ETFs the asset management firm has recently launched. Apart from investing in cryptos, the fund intends also to hold Treasury securities.

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