Grayscale's lawyers called for a meeting with the SEC and urged the regulator to act swiftly on the conversion of the firm’s flagship Bitcoin fund.
Grayscale has told the Securities and Exchange Commission it has no legal reasoning left to block the conversion of the asset manager’s flagship Bitcoin fund to a spot exchange-traded fund .to the SEC requesting the pair meet to discuss the next steps following the regulator’s court loss regarding the conversion of the Grayscale Bitcoin Trust .
Grayscale added it believes the SEC should conclude there are"no grounds" for treating the GBTC differently from Bitcoin futures ETFs whose filings"the Commission has previously approved."the SEC’s denial of Grayscale’s application to convert its GBTC to a spot Bitcoin ETF. Grayscale said if there was any other reason for rejecting the conversion besides the Exchange Act’s requirement that rules be “designed to prevent fraudulent and manipulative acts and practices,” it would have already been made apparent.
Grayscale added its fund conversion application has been pending for nearly three times longer than the length of time stipulated by the SEC’s rules.to approve all pending ETF applications together — concluded his latest letter by saying:
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