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Is intended to reach a decision on nydig spot bitcoin etf et?? asset manager stone ridge holdings group btc etf in march..
In a Tuesday Twitter thread, Grayscale CEO Michael Sonnenshein announced the launch of an advocacy campaign for U.S.-based investors to speak their minds to the SEC before any final decision is reached on the Bitcoin (BTC) investment vehicle. Since the October 10 complaint to the regulator. 19 the list of shares of grayscale bitcoin etf under the ticker gbtc, the commission has twice delayed its decision on Dec. 15 and Feb. 4.
“This campaign aims to educate and inspire the investment community to take action and make their voices heard on this historic decision,” said Sonnenshein.
Today @Grayscale announced the launch of a new public campaign to encourage American investors to submit comments on our application with the SEC to convert $GBTC to a Spot Bitcoin ETF.
— Sonnenshein (@Sonnenshein) February 22, 2022
According to Grayscale’s chief legal officer Craig Salm, the firm has already received more than 200 letters in hopes of the SEC allowing the firm to convert its Bitcoin Trust into a physically-backed fund. Salm said some of the common themes from the feedback included calling a crypto etf “in the public’s best interest,” allowing the u.s. to stay competitive with innovative investment vehicles, and call the "absurd" approach of sec in approving etfs tied to bitcoin futures, but not btc spot etfs.
The Feb. 4 deferment from the SEC opened the floor to “interested persons to provide comments on the proposed rule change” for Grayscale’s BTC spot ETF. The regulator may extend the deliberative period to 240 days from the publication of the proposed rule change on the federal registry on november 8, in other words, the sec should issue a decision before 6 july, 2022.
To date, no investment vehicles with direct crypto exposure have been approved by the Sec. Grayscale filed an application to restructure its Bitcoin Trust into an ETF in October shortly after the SEC approved ProShares’ Bitcoin Strategy ETF for listing on the New York Stock Exchange and shares of crypto-asset manager Valkyrie’s Bitcoin ETF fund on the Nasdaq Stock Market.
Related: Here’s why the SEC keeps rejecting spot Bitcoin ETF applications
Related: Here's why the SEC continues to reject Bitcoin spot ETF applications. This year, the regulator has already rejected applications for Fidelity’s Wise Origin Bitcoin Trust and First Trust SkyBridge Bitcoin ETF Trust, but is expected to reach a decision on NYDIG’s spot Bitcoin ETF and ??asset manager Stone Ridge Holdings Group’s BTC ETF in March.
