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Grayscale Urges SEC to Approve Spot Bitcoin ETFs Together So None Have First-Mover Advantage

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Grayscale urges the SEC to approve spot bitcoin ETFs together
Grayscale urges the SEC to approve spot bitcoin ETFs together

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Crypto asset manager Grayscale urged the Securities and Exchange Commission (SEC) to approve all spot Bitcoin ETFs simultaneously so that none of the eight applicants have a first-mover advantage.

BlackRock, the world’s biggest money manager with assets under management of about $9 trillion, Fidelity, Cathie Wood’s Ark Invest and WisdomTree are among firms vying for approvals for spot Bitcoin ETFs along with Grayscale. While approval of any of the funds is far from certain, history suggests that first-mover advantage may be substantial.

The first bitcoin futures ETF was launched in October 2021, and was one of the most heavily traded ETFs in market history, attracting assets of more than $1 billion in its first few days of trading, according to the Bank for International Settlements.

”The SEC should not pick winners and losers,” said chief legal officer Craig Salm in a comment posted on Grayscale’s website together with a letter written by its legal team to the SEC. ”For the benefit of Bitcoin, the market, and investors, all spot bitcoin ETF applications should be approved simultaneously. ”

 

Grayscale Encouraged

Salm said Grayscale’s encouraged by the increased momentum around spot bitcoin ETF filings. The filings underscore the maturation of the bitcoin spot market, and reinforce the compan’s belief that American investors should have access to spot bitcoin ETFs in the US, he added. 

The previous relationship between Grayscale and the SEC has been complex and contentious, underscored by Grayscale’s lawsuit against the regulator in June 2022 after the rejection of its ETF application for Grayscale Bitcoin Trust BTC.

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