Overwhelming support for Grayscale BTC Trust ETF conversion proposal - BitcoinEthereumNews.com
The U.S. Securities and Exchange Commission has allowed comments and feedback on a proposed rule change that would convert Grayscales Bitcoin Trust to a spot-based exchange-traded fund (ETF). A notice of filing a proposed rule change to list and trade shares of Grayscale Bitcoin Trust as a spot-based ETF has generated a long list of comments with a large majority in approval. Bloombergs senior ETF analyst Eric Balchunas had a look through some of the more recent comments on Feb. 15 observing that 95% are in favor of the proposed conversion. Just glancing through the many comments from ppl to the SEC re converting $ GBTC to an ETF and 95% are in favor of it and most using real names and pointing to the stupefying fact that futures ETF ok but spot not. eg: pic.twitter.com/j15iNYnh8R - एरिक बालचुनस (@EricBalchunas) फ़रवरी 14, 2022 Several respondents to the SEC proposal argued that the regulator had already approved futures-based exchange-traded products so a spot-based product should logically come next. The U.S. risks falling behind other countries such as Canada which has already approved such investment products, others added. A spot-based fund would be physically backed by the asset itself as opposed to backing by futures contracts from the