SEC rejects Grayscale's bid to convert GBTC to a Bitcoin ETF - Aliens: AI Crypto News & Markets Updates
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SEC rejects Grayscale's bid to convert GBTC to a Bitcoin ETF

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The Block

Thu, Jun 30, 2022

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The Securities and Exchange Commission (SEC) has denied Grayscale's proposal to convert its flagship product into a spot-bitcoin exchange-traded fund (ETF).

In the wake of other spot ETF rejections, it sent a letter to the regulator arguing that its willingness to allow a futures product but deny spot offerings could constitute a violation of the Administrative Procedures Act. Because a futures product is priced based on the underlying market, Grayscale and other advocates argue it's inconsistent to deny a spot product on the grounds of insufficient protections against market manipulation when the approved products are priced based on that underlying market.

In the lead-up to the decision, Grayscale prepared for approval through a deal with Jane Street and Virtu to close the discount of GBTC upon conversion.

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