Grayscale asks investors to step up its efforts to bring the idea of a spot Bitcoin ETF to reality by urging the investors to submit comments to the US SEC on its Bitcoin ETF application.
In a press release on Tuesday, February 22, Grayscale Investments, the world’s largest digital currency asset manager, announced the launch of a campaign that asked US investors to help it in getting the US Securities and Exchange Commission (SEC) to reconsider its filing to convert Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin ETF.
Today @Grayscale announced the launch of a new public campaign to encourage American investors to submit comments on our application with the SEC to convert $GBTC to a Spot Bitcoin ETF.
— Sonnenshein (@Sonnenshein) February 22, 2022
Grayscale CEO Michael Sonnenshein, also said:
This campaign aims to educate and inspire the investment community to take action and make their voices heard on this historic decision.
— Sonnenshein (@Sonnenshein) February 22, 2022
“This campaign aims to educate and inspire the investment community to take action and make their voices heard on this historic decision.”
Grayscale Bitcoin ETF Campaign
Grayscale filed with the SEC for spot Bitcoin ETF on same day when the world’s first Bitcoin Futures ETF was approved in the US on October 19, 2021. In November 2021, the US securities regulator rejects several Spot Bitcoin ETF applications.
The decision on Grayscale’s filing for a spot Bitcoin ETF was first delayed in December 2021. As Wealth Growth Insights reported, on February 4,2022, the regulator again postponed its decision on whether to approve Grayscale’s application for a spot Bitcoin ETF and turned to public to get additional insights on asset manager’s proposal.
According to SEC, the proposed rule change to convert GBTC to a spot Bitcoin ETF by NYSE Arca was published for comment in the Federal Register on November 8, 2021. As per 240-day review period, the SEC should reach a decision before July 6, 2022.
Now the firm has asked investors and public to write to the SEC to bring this much-anticipated crypto milestone to reality. As part of this campaign, Grayscale has setup a dedicated page on its website that inspires and contains instructions on how to submit comments to the SEC.
Grayscale Investors Are Already Speaking Out
According to the reports, following the February 4 public solicitation, the SEC has received over 170 letters from Grayscale investors in February alone. Michael Sonnenshein said:
“The hundreds of comments already submitted on behalf of GBTC’s conversion to an ETF further demonstrates that this issue is of the utmost importance to investors. 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.”
