Grayscale CEO: It is ‘a matter of when and not if’ the SEC approves a spot Bitcoin ETF
Categories: Crypto News US
A few bitcoin prospects trade exchanged reserves are currently exchanging the U.S, with more to come. For instance, SEC supported the Teucrium Bitcoin Fates ETF recently, recorded under the Protections Demonstration of 1933.
Also, other Bitcoin Futures ETFs approved over the last year were approved under the Investment Company Act of 1940.But a spot bitcoin ETF remained elusive. However, the market is hopeful that the spot Bitcoin ETF will arrive this year despite the uncertainty.
Unlike previous futures ETF applications, the aforementioned ETF filed under the “33 Act” (or the Securities Act of 1933) and the “34 Act” (or the Securities Exchange Act of 1934). The past Bitcoin futures ETFs were filed under the “40 Act” (the Investment Company Act of 1940).
Following this, the executive asserted his optimism for a spot application incorporating Bitcoin. “It really is, a matter of when and not if” there is a Bitcoin spot ETF, Sonnenshein said. He further added that the U.S. SEC should look at the futures ETF and the spot ETF through the same lens.
If not so, then the securities regulator is violating the “Administrative Procedure Act violation”. Even in the previous month, the said firm raised a similar flag. In a 29 March Bloomberg interview, Grayscale‘s CEO opined that his company would consider suing the SEC if it did not approve its Bitcoin spot ETF.
This explains it
Grayscale had filed for converting its Grayscale Bitcoin Trust to a spot Bitcoin ETF filed in October 2021. Although, faced rejection in February this year. Nonetheless, they shall hear back from the SEC by July this year. Well, that’s not it.A 2022 Bitwise/ETF Trends Survey found that 82% of advisors preferred a spot bitcoin ETF over a futures-based alternative. Clearly, the demand is overwhelming.