Sec bitcoin etf decision

Optimism about an approval began to grow following the approval of several bitcoin futures-based ETFs last fall, and then that of two more futures ETF approvals earlier this year based on the Securities Exchange Act of , the same act under which spot bitcoin ETFs have been filed. For its part, Grayscale has argued forcefully that it is inconsistent to approve an ETF based on bitcoin futures but not allow one based on the underlying investment.

Some of its efforts have included marketing to urge members of the public to voice their support to the SEC, a May meeting with the SEC and the strengthening of its legal team with the addition of Donald B. Verrilli Jr. The denial comes as a blow not only to Grayscale, but for the broader crypto industry after a long campaign in hopes of proving to the SEC the product contained sufficient investor protections. A spot-based bitcoin ETF would be a significant milestone in the adoption of digital assets because it would open them up to ordinary investors in a familiar wrapper that trades like a stock.

The goal has eluded the industry for more than five years. Grayscale's first application for a spot bitcoin ETF was in early GBTC holds roughly 3. Zoom In Icon Arrows pointing outwards Grayscale The investment firm has helped coordinate a public letter-writing push , flooding the SEC with more than 3, letters in support of its application. The firm even hinted that it would sue the agency if its application was denied.

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