Crypto asset management firm Grayscale Investments has requested the US Securities and Exchange Commission (SEC) to be fair in its process of handling the seven spot Bitcoin ETF applications it is handling.
Grayscale’s Chief Legal Officer, Craig Salm, stated in a 27 July post that the company’s legal team from Davis Polk had submitted a comment letter to the SEC on why the regulator should approve all spot Bitcoin ETF applications and the investment firm’s thoughts on the recently proposed surveillance sharing agreements (SSAs) with Coinbase.
The SEC Should Approve All Spot Bitcoin ETFs and Allow the Conversion of Grayscale’s BTC Trust into an ETF
The letter by the team at Davis Polk urged the SEC to be fair when reviewing the spot Bitcoin ETF applications by Ark 21 Shares, Invesco Galaxy, BlackRock (iShares), Valkyrie, VanEck, WisdomTree and Fidelity (Wise Origin).
“If the Commission decides to change course and approve one or more of the above-referenced spot bitcoin ETPs, on this basis, it must do so in a fair and orderly manner – a manner that prioritises the interests of investors, in particular the nearly one million who currently hold shares in the Trust,” Grayscale’s lawyers wrote.
They, however, pointed out that should the regulator approve all seven spot Bitcoin ETFs, it would “ improperly grant an unfairly discriminatory and prejudicial first-mover advantage to these proposals” since Grayscale’s application to convert its Bitcoin trust into an ETF was rejected by the SEC.
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