Grayscale, a cryptocurrency fund manager, is encouraging the Securities and Exchange Commission to approve all proposed spot Bitcoin exchange-traded funds (ETFs) at the same time in order to prevent one from having an edge.
Grayscale Chief Legal Officer Craig Salm stated on July 27 that Grayscale’s legal team sent a letter involving eight spot Bitcoin ETF registrations — including its own — urging that the SEC should not pick “winners and losers” and instead make a fair and orderly conclusion.
According to the letter, the SEC might approve spot ETFs based on its approvals of Bitcoin futures ETFs because the two fund types are “inextricably linked.”
Grayscale argued that recent surveillance sharing agreements (SSAs) between Coinbase and spot ETF providers are “not a new idea” and would not meet the requirements.
