Grayscale’s legal team, along with attorneys for Davis Polk & Wardwell and Munger Tolles & Olsen, wrote to the SEC on Tuesday that there was no reason for the other party to refuse to convert its Grayscale Bitcoin Trust (GBTC) into a spot ETF.
Grayscale’s legal team said in the letter that GBTC’s Rule 19b-4 submission has been pending for almost three times as long as Section 19(b) of the Exchange Act would have allowed the Commission to take action.
Therefore, we hope regulators agree that the best use of resources now is for the Commission to issue an order approving NYSE Arca’s Rule 19b-4 filing and authorize staff to work with Grayscale and NYSE Arca to finalize a swift listing of the Trust’s shares. We believe the trust’s nearly million investors deserve this level playing field as quickly as possible.