Grayscale Corners SEC On Converting Bitcoin Trust To ETF, Sets Up 2022 Crypto Catalyst

Grayscale believes the SEC’s clearance of a Bitcoin Futures ETF indicates the comfort with Bitcoin as an underlying asset. However, the SEC has subsequently disapproved VanEck's hard asset-backed trust.The SEC stated VanEck did not meet the requirements for its product being “designed to prevent fraudulent and manipulative acts and practices”.Grayscale is asking how can possible market manipulation be at issue when there is tacit SEC approval of futures-backed ETFs with identical risk to VanEck's product.Grayscale argues the SEC's lionizing the 1940 Act as justification for "disparate treatment" is unreasoned because the key issue, market manipulation, is not addressed by the Act.The approaching approval of a hard asset backed Bitcoin ETF later next year would likely be another price catalyst similar to the COIN listing and BITO launch.