Grayscale, a crypto fund manager, is urging the Securities and Exchange Commission (SEC) to approve all proposed spot Bitcoin exchange-traded funds (ETFs) simultaneously to ensure fairness and avoid giving any one ETF an advantage. Grayscale’s Chief Legal Officer, Craig Salm, submitted a letter arguing that the SEC should not pick “winners and losers” but instead make a fair and orderly decision. The letter suggests that the SEC could approve spot ETFs based on its previous approvals for Bitcoin futures ETFs, as the two fund types are closely linked. Grayscale also stated that recent surveillance sharing agreements (SSAs) between Coinbase and spot ETF providers are not a new idea and would not meet the SEC’s standards. Several other ETF filings have been updated to include SSAs with Coinbase, as the SEC previously highlighted the need for such agreements to monitor potential market manipulation. Grayscale believes that approving the ETFs would be a positive change but warns against granting an unfair first-mover advantage. The Grayscale Bitcoin Trust (GBTC), which aims to track Bitcoin’s price, has nearly 1 million investors. Grayscale previously sued the SEC after its application to convert GBTC to a spot Bitcoin ETF was denied.
