News

The SEC Has Delayed Ruling on Grayscale’s Bitcoin ETF Application.

The Securities and Exchange Commission (SEC) of the United States has postponed making a judgment on Grayscale’s ongoing request to transform its Bitcoin Trust into a spot ETF owing to concerns about manipulation, liquidity, and transparency.

SEC

The SEC particularly requests “written comments” from “interested persons” in the general public to offer their opinions, statistics, and arguments addressing the regulator’s earlier concerns about market fraud, exploitation, and overall lack of clarity in its 10-page notice.

The notice goes on to indicate that the public has 21 days from today, as mentioned in the Federal Register, to submit written data, opinions, and arguments on whether or not Grayscale’s application should be granted or denied — with a 35-day window for rebuttal to any specific contribution.

Individuals interested in sending comments to the SEC can do so electronically or on paper, according to the notification.

Those who prefer to send their views online should do so using the SEC’s “Internet comment form” or by sending an email to rule-comments@sec.gov with the subject line “File Number SR-NYSEArca-2021-90.”

Grayscale, the world’s largest digital asset management, filed an application last October to transform shares of its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, aiming to reverse the regulator’s history of rejecting BTC spot ETF applications.

Grayscale

Unfortunately, the SEC said two months later that it would be delaying its judgment on Grayscale’s request, citing concerns about market fraud, manipulation, and transparency as the primary reasons.

Grayscale has $36.5 billion in assets under management as of Feb. 4, per a tweet, with its GBTC product accounting for more than 71% of total assets.

The SEC also denied Fidelity’s Wise Origin Bitcoin Trust at the end of January, only seven days after it denied a spot bitcoin ETF proposal from First Trust and SkyBridge Capital. Surprisingly, in dismissing Fidelity, the SEC went into great detail on surveillance-sharing arrangements and its obligations to ensure exchanges satisfy their commitments under the Exchange Act.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

Coincu News

Andy

Recent Posts

SEC Consensys Lawsuit Continues to Be Pushed to a Climax, the Blockchain Company Responds

Despite recent developments regarding Ether's classification, the SEC ConsenSys lawsuit for the MetaMask operations remains…

20 mins ago

CoinStats Security Incident Under Investigation to Find Lost $2 Million

The CoinStats security incident caused a $2 million loss, affecting nearly 1,600 wallets, possibly linked…

46 mins ago

Layer 2 for Pudgy Penguins Is Targeted for Development

Igloo has acquired Frame to focus on building the new Layer 2 for Pudgy Penguins,…

2 hours ago

Wall Street Crypto Is Poised To Win More Battles With SEC: Report

A Supreme Court ruling weakens Chevron deference, potentially affecting SEC regulations. Due to reduced SEC…

11 hours ago

SEC Sues Consensys Over MetaMask Ethereum Staking Service

The SEC sues Consensys for unregistered securities transactions via MetaMask, violating federal laws. Over $250M…

11 hours ago

21Shares Files For Spot Solana ETF, Spurring Market Excitement

21Shares and VanEck have filed for a Spot Solana ETF with the SEC. If approved,…

12 hours ago

This website uses cookies.