Grayscale hopes to convince the SEC to approve their Bitcoin Spot ETF application by launching a campaign that allows the public to show interest in their product.
Covered:
- Grayscale’s Campaign For Their Bitcoin Spot ETF
- Timeline Of Key Milestones For Grayscale’s Bitcoin ETF’s
Grayscale’s Campaign For Their Bitcoin Spot ETF
The world’s largest digital asset manager, Grayscale Investments, just launched a campaign that’s aimed to convince the SEC to approve its Bitcoin spot ETF application.
If $GBTC is approved to convert to a Spot Bitcoin ETF:
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A on how you can support our efforts: pic.twitter.com/vsW8pSjBNM
— Grayscale (@Grayscale) February 22, 2022
The SEC has only approved Bitcoin futures ETFs thus far, and on February 4th, they delayed the decision on Grayscale’s application for a spot ETF. After the delay, the SEC provided 240-day review period for anyone to submit comments for consideration on the application. There have already been hundreds of comments submitted to the SEC on behalf of Grayscale’s Bitcoin spot ETF, but to further their exposure, Grayscale launched this dedicated campaign.
The campaign page has been set up to “educate and inspire American investors to take action”. In order to make a difference, investors are encouraged to file an official comment to the SEC regarding Grayscale’s spot ETF. The SEC is required to review, publicly post, and address each comment in accordance with this process, and by launching this dedicated campaign. Grayscale is bound to get more positive comments and assurance from the public that a spot Bitcoin ETF is suitable for investors. Here are some comments that have already been posted:
“This morning I read that Fidelity just launched a Bitcoin ETF in Europe. It troubles me that Americans – particularly minorities such as myself and my family – are struggling with inflation, and yet we don’t have these same opportunities that other countries have. Please approve this ETF.” – Anne Ogu Liberty
“It’s time to allow Americans to join in the opportunities of the 21st Century and stop creating fear of innovation and the future. It’s inevitable. The time is now.” – Larry Boyer
Furthermore, the CEO of Grayscale, Michael Sonnenshein, believes it’s far riskier to not approve the spot ETF in fear of not keeping pace with global change:
“It is clear we have reached a tipping point in the adoption of digital assets. 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.”
He believes American investors should have a choice when it comes to how they obtain Bitcoin exposure. He is determined to use the strength of Grayscale’s brand to continue to advocate to investors who want a Bitcoin spot ETF. Clearly, the US is lagging behind other countries when it comes to offering Bitcoin to investors through ETFs. Hopefully, this dedicated campaign will help the SEC understand that a Bitcoin spot ETF is inevitable, and it’s time to approve Grayscale’s Bitcoin spot ETF application.
Timeline Of Key Milestones For Grayscale’s Bitcoin ETF’s
In October of 2021, the first Bitcoin futures in the US was approved and offered by Proshares, Valkyrie, and others. As the SEC approved these futures ETFs, Grayscale announced their plan to launch a spot ETF. Thus far, the SEC has rejected all spot ETF applications and has expressed reservations about investor protection and the custodial responsibilities with Bitcoin custody. The road towards a spot ETF for Bitcoin has been rough, but progress has definitely been made.
As you can see above, Grayscale continues to work diligently to convince the SEC that a spot ETF is needed. The dedicated campaign launched by Grayscale may be just what the SEC needs to finally approve their spot ETF.
Directions to submit your comment to the SEC regarding Grayscale’s Bitcoin spot ETF can be found here.
The post How Grayscale Is Campaigning The SEC For A Bitcoin Spot ETF appeared first on CryptosRus.
How Grayscale Is Campaigning The SEC For A Bitcoin Spot ETF
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