The legal team of Grayscale, a company that manages crypto assets, has sent a letter to the US Securities Exchange Commission (SEC) asking them to approve their proposed Spot Bitcoin Exchange Traded Fund (BTF) and meet with their staff as soon as possible.
The law firms Davis Polk and Munger Tolles & Olson, who are helping Grayscale, sent a letter to the US SEC a week after the US Court of Appeals for the D. C Circuit said the federal agency was wrong to reject the company’s plan for a Bitcoin ETF.
The court said that the SEC didn’t give good reasons for saying no to a Bitcoin ETF.
The court decided to support Grayscale and told the SEC to review their application. However, the SEC needs to ask the court to change its decision.
Grayscale’s lawyer says SEC is not being fair.
On Tuesday, a lawyer named Joseph Hall wrote a letter to the SEC for Grayscale. He said the SEC is not fair in how they deal with Bitcoin ETF. The letter talked about:
We think the commission should decide that there is no reason to treat the trust differently than exchange-traded products that invest in Bitcoin futures contracts.
Grayscale thinks its Bitcoin ETF should be approved because it will use the same surveillance system as the one the government approved for Bitcoin futures ETF.
Joseph Hall is asking the SEC to act fast. He also said that if there was a good reason to treat spot Bitcoin ETPs differently from Bitcoin Future ETPs, we would have heard it by now.
Attorney says if they don’t approve Bitcoin ETF soon, it will hurt people who invest in it.
Grayscale wrote to the SEC and asked them to approve the spot Bitcoin ETF quickly because it would help investors. They said delaying it would be bad for investors.
Joseph Hall finished the letter by saying, “We think the nearly one million people who trust us with their money should have a fair chance as soon as possible. ”
Hall wrote in the letter that American investors are dealing with more complicated and detailed products compared to simple spot Bitcoin ETFs. This is because many investors are putting their money into Bitcoin futures ETFs after a recent court decision.
Felix Shipkevich, founder of New York law firm Shipkevich PLLC, said to CryptoNews that it’s very unlikely the SEC will challenge the court’s decision, and a Bitcoin ETF will probably be approved soon.