Craig Salm said Grayscale is still awaiting a decision on its lawsuit against the regulator for refusing to convert the Grayscale Bitcoin Trust (GBTC) fund into a spot bitcoin ETF. In recent weeks, the agency has already accepted for review seven applications from companies seeking to launch similar EFTs. The lawyer said it shows the development of the bitcoin spot market and the willingness of U.S. investors to take on new investment products.
The SEC has an opportunity to give the long-awaited green light, as the regulator has already approved ETFs tied to bitcoin futures. Plus, the bitcoin spot and futures markets are inextricably linked, correlating 99%, the general counsel is convinced:
“The SEC’s actions related to cryptocurrency ETFs are bound to be fair and orderly. The agency should not pick winners and losers, it is much better to give feedback to industry companies and impartially provide them with guidance.”
Whether the SEC ultimately approves a court-ordered bitcoin spot ETF or simply changes its position on the issue, the regulator should be fair to all investors and issuers. Grayscale’s top executive is convinced: simultaneous approval of all applications to launch cryptocurrency ETFs would be in the best interests of bitcoin, the market and investors.
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“This is about making sure that U.S. investors are protected and have access to a choice of bitcoin-related investments. About a million investors in all 50 states own GBTC, and converting GBTC into an ETF would return billions of dollars to them. When regulators are ready to approve applications for bitcoin-linked spot ETFs, they will simply have no reason to keep GBTC investors out of the cryptocurrency ETFs they deserve. We will continue to advocate this position on behalf of our investors,” promised Craig Salm.
Recently, Gemini cryptocurrency exchange co-founder Cameron Winklevoss called the Grayscale Bitcoin Trust a toxic product that charges “astronomical fees.”