The US SEC is Delaying a Decision on Grayscale’s Bitcoin ETF Application

Bitcoin lovers in the United States are getting impatient as the Securities and Exchange Commission (SEC) is not making a clear take on Bitcoin ETF. Due to concerns about manipulation, liquidity, and transparency, SEC has delayed deciding on Grayscale’s pending application to convert its Bitcoin Trust into a spot ETF. The SEC’s notice published on Friday didn’t reveal anything new about Grayscale’s pending application, which comes as no surprise. SEC Wants Written Submissions From People According to the 10-page notice, the SEC expressly requests ‘written comments’ from ‘interested people’ in the general public to provide their ‘ideas, statistics, and arguments’ addressing the regulator’s previous concerns about market fraud, manipulation, and overall lack of transparency. According to the notice, the public has 21 days from today, as specified in the Federal Register, to submit written data, views, and arguments on whether Grayscale’s application should be granted or denied, with a 35-day window for rebuttal. According to the notification, individuals interested in submitting comments to the SEC can do so either electronically or on paper. The SEC has a History of Rejecting Spot ETF Applications Grayscale, the world’s largest digital asset management firm, applied in October to convert shares of its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, attempting to reverse previous rejections of BTC spot ETF applications b...