The world’s largest digital asset manager is trying to convince the U.S. Securities and Exchange Commission (SEC) for an application pertaining to Bitcoin. Clearly speaking, Grayscale Investments has launched a campaign in order to convince SEC for approving their Bitcoin spot-exchange-funded ETF application.
The company had made an announcement about it yesterday. Their aim is “to educate and encourage American investors to submit comments” on its application. With this campaign, Grayscale will try to convert their Grayscale Bitcoin Trust program to a spot Bitcoin ETF.
Grayscale had filed an application regarding this back in October last year. They’ve filed this application at NYSE Arca, the exchange that will list and trade shares of the new Bitcoin ETF. At that time, the SEC had designated a longer period for considering Grayscale’s application.
Recently, the SEC had asked the public for comments on the application. As of now, SEC has only approved Bitcoin futures ETFs. In fact, the securities watchdog is known for rejecting Bitcoin Spot ETF applications.
However, Grayscale looks pretty serious about converting their ETF program. CEO Michael Sonnenshein commented:
“American investors should have a choice in how to obtain bitcoin exposure. It is clear we have reached a tipping point in the adoption of digital assets.”
In addition to that, the CEO talked about the more safe-footed approach that the security watchdog is taking:
“Maintaining the regulatory status quo may feel like the safe option, but the reality is that failing to keep pace with change is the far riskier path for main street investors and our country.”