Grayscale is lobbying SEC to approve options on spot Bitcoin ETF

php editor Yuzai reported that Grayscale is actively lobbying the SEC to approve spot Bitcoin ETF options. This initiative is expected to bring new development opportunities to the cryptocurrency market and enable more investors to participate in Bitcoin transactions. The approval of the ETF will inject more funds into the market, increase Bitcoin's liquidity and recognition, and further promote the development of the cryptocurrency market. Grayscale’s move is also seen as an important step to bring positive impact to the cryptocurrency market.

According to a Reuters report on February 29, Grayscale is lobbying the U.S. Securities and Exchange Commission (SEC) to approve options on its spot Bitcoin exchange-traded fund (ETF).

Grayscale CEO Michael Sonnenshein said:

"It is critical for GBTC and all spot Bitcoin (exchange-traded products) investors to be able to trade listed options on GBTC and other spot Bitcoin ETPs."

The U.S. Securities and Exchange Commission (SEC) approved Grayscale’s Spot Bitcoin ETF (GBTC) in January. Unlike most other newly approved spot Bitcoin ETFs, GBTC is an ETF that was converted from an existing fund.

Options may strengthen supervision

The SEC’s rejection of GBTC options would be unfair discrimination against shareholders since the regulator has already approved options on Bitcoin futures ETFs.

According to Sonnenshein, if the SEC refused to approve GBTC options, it would unfairly discriminate against shareholders because the regulator has already approved options on Bitcoin futures ETFs.

Options can also support spot Bitcoin ETF investing more broadly, he added, as they can provide price discovery, assist in navigating market conditions and support hedging and income generation.

In addition, options will bring Bitcoin within regulatory boundaries, allowing more market participants, including contract traders and brokers, to trade these funds.

Grayscale’s letter was reportedly prompted by the SEC’s Feb. 23 public solicitation for comments on its ETF options.

The regulator’s notice also solicited comments on Bitwise’s equivalent ETF and other New York Stock Exchange-listed trusts that hold Bitcoin.

Previously, in January, the SEC began soliciting opinions on BlackRock’s Nasdaq-listed spot Bitcoin ETF and various CBOE-listed spot Bitcoin ETFs.

Grayscale is a key player in the ETF market

Grayscale’s communication with the SEC is critical as its past efforts contributed to obtaining approval. After the SEC rejected Grayscale’s application for a spot Bitcoin ETF, the company took legal action against the regulator and won, forcing the SEC to revisit the matter.

SEC Chairman Gary Gensler cited the outcome when his agency approved a spot Bitcoin ETF, noting that the legal outcome makes approval the “most sustainable path forward.”

The company and other asset managers have also filed for a spot Ethereum ETF. Grayscale’s application was recently supported by Coinbase on February 21st.

While Grayscale’s latest letter does not force the SEC to take any action, the company’s past importance means its comments could affect future results.

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