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Asset management companies keep on battling for an exchange-traded fund (ETF) of Bitcoin (BTC) to operate across the United States because the regulatory organizations are still skeptical about this concept.
The chief legal officer working at Grayscale (the asset management firm), Craig Salm, talked about the lawsuit of the venue with the Securities and Exchange Commission (SEC) of the U.S. regarding the Grayscale Bitcoin Trust’s (GBTC) into a spot ETF of Bitcoin. The core reason for the argument of Grayscale against the U.S.-based securities regulator was elaborated by Salm when he responded to the prominently-asked questions related to the lawsuit.
SEC Denial Differentiates Futures And Spot Trading For Bitcoin ETFs
As per the legal officer, the denial of the SEC for the spot BTC ETF differentiates the spot and futures trading for BTC ETFs as well as makes a demarcation between these two. Nonetheless, it is argued by Grayscale that no correlation exists between the differences as well as the approvals of Bitcoin ETFs, as both the BTC spot as well as futures’ prices depend on the very markets of spot Bitcoin.
Hence, the legal group of Grayscale is certain that the spot BTC ETFs’ disapproval at a time when the Bitcoin futures are approved can be labeled as unfair discrimination. According to the assertion of Salm, this counts to be a clear violation of many laws taking into account 1934’s Securities Exchange Act as well as the Administrative Procedure Act. After elaborating the arguments of Grayscale, the most significant questions were additionally answered by Salm such as the final date of approval for their spot BTC ETF.
The Process Is Likley To Take Up to a Couple Of Years
In the words of Salm, though there is no definite answer to the respective one – because of several aspects – he anticipates that up to a couple of years be taken by this whole process. Notwithstanding the likely span of the very legal case, Salm mentioned that Grayscale has great confidence in the arguments thereof along with having positive expectations that the ruling of the lawsuit will be in its favor.
When the legal competition was initiated between Grayscale as well as the SEC, the members of the community stood at the back of the company. Several among them were not pleased with the decree of the security regulator to refute the spot BTC ETF at the time of approving ETFs other than Bitcoin. A Twitter customer accused that the step of the SEC is taken only to pressurize the primary crypto token’s price.
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