Grayscale tells SEC ‘no basis’ to approve Bitcoin futures ETFs and not spot ETFs

The operator of the Grayscale Bitcoin Trust (GBTC) issued a letter to the secretary of the SEC, Vanessa Countryman, on Monday to argue the SEC is wrong to reject spot Bitcoin ETFs since it has now approved three Bitcoin futures ETFs, one each from VanEck, Valkyrie and ProShares.

Grayscale argues that the SEC has “no basis for the position that investing in the derivatives market for an asset is acceptable for investors while investing in the asset itself is not.”

It claims the SEC violated the Administrative Protections Act (APA) by failing to treat the two Bitcoin ETF products the same.

Source: Grayscale tells SEC ‘no basis’ to approve Bitcoin futures ETFs and not spot ETFs