The Grayscale lawyers urged the American securities regulator to give a green signal for its Bitcoin spot ETF application.
Grayscale is a digital assets fund manager, a subsidiary of the Digital Currency Group (DCG). Since 2021, this firm has been struggling to secure regulatory approval to convert its Green Bitcoin Trust (GBTC) into a Bitcoin spot ETF product but failed to secure regulatory approval from the United States Securities Exchange Commission (SEC).
On 6 Sep 2023, the Grayscale lawyers sent a letter to the US SEC body to give regulatory approval for its Bitcoin spot ETF application, as GBTC is ready to operate as a Bitcoin spot ETF.
Now it will be interesting to see the response action by the SEC body, as this independent government regulatory body denied all the Bitcoin spot ETF applications in the past couple of years.
Just a week ago, the court judge ruled that the Grayscale Bitcoin spot ETF application rejection was a wrong move by the US SEC body, as Bitcoin futures ETF products & Bitcoin spot ETF products are the same & even spot ETF products always remain safe over future ETF products.
So far no report claims whether the SEC may plan to appeal against the court ruling in the Grayscale vs. SEC lawsuit or will plan something unique to reject the application.
A few months back many experts shared their opinions on the possible outcomes of the Grayscale vs. SEC case and predicted that if Grayscale loses the case then in that situation the SEC body may revoke the regulatory approval for all the existing Bitcoin futures ETF products.
We can compare this situation with the XRP lawsuit, in which the SEC filed a motion in the court to secure regulatory approval to appeal against the court ruling, which was not in favor of the SEC.