Grayscale said that refusing to approve ETF options could unfairly discriminate against investors.
Grayscale is lobbying the U.S. Securities and Exchange Commission (SEC) to approve options for its spot Bitcoin exchange-traded fund (ETF), Reuters reported on Feb. 29.
Michael Sonnenshein, CEO of Grayscale, 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 converted from an existing fund.
Options may be more regulated
The SEC’s rejection of GBTC options would be unfair discrimination against shareholders, as the regulator has already approved options on a Bitcoin futures ETF.
According to Sonnenshein, if the SEC refuses to approve GBTC options, it would unfairly discriminate against shareholders because the regulator has already approved options for the Bitcoin futures ETF.
Options could 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.
Additionally, options would bring Bitcoin under regulatory purview, allowing more market participants, including contract merchants and brokers, to trade in these funds.
Grayscale’s letter was reportedly prompted by the SEC’s public solicitation for comments on its ETF options on February 23.
The regulator’s notice also sought comments on Bitwise’s equivalent ETF and other New York Stock Exchange-listed trusts that hold bitcoin.
Previously, in January, the SEC began soliciting comments 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 crucial as its past efforts contributed to its approval. After the SEC rejected Grayscale’s spot Bitcoin ETF application, the company filed a legal challenge 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 made approval “the most sustainable path forward.”
The firm and other asset managers have also applied for spot Ethereum ETFs. Grayscale’s application was most recently supported by Coinbase on Feb. 21.
While Grayscale’s latest letter doesn’t force the SEC to take any action, the company’s past importance means its comments could affect future outcomes. #比特币期权 #灰度
