SEC Has No Grounds To Deny Bitcoin ETF, Says Grayscale

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Grayscale Investments on Tuesdayfirmly communicated to the U.S. Securities and Exchange Commission (SEC) that there are “no grounds” to deny the transformation of its Grayscale Bitcoin Trust (OTC: GBTC) into an exchange-traded fund (ETF). What Happened: In a letter penned by Grayscale’s legal team, the investment giant highlighted the recent decision by the U.S. Court of Appeals, which overturned the SEC’s prior disapproval of the trust’s ETP conversion. (ETFs are a subset of ETPs.) The letter emphasized the trust should not be treated differently from other ETPs that invest in Bitcoin futures…

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