On December 1st, the Blockchain Association posted a thread on Twitter. It is believed that the SEC used a double standard when evaluating Bitcoin futures ETP and spot ETP.
The organization stated that they sent a letter to the US Securities and Exchange Commission yesterday. The SEC is strongly urged to approve NYSE Arca’s application to convert Grayscale’s BTC trust into an ETF.
Although the Blockchain Association appreciates the SEC’s recent decision to approve exchange-traded products (ETP) holding bitcoin futures contracts. But now is the time to approve the spot Bitcoin ETP.
The US Securities and Exchange Commission explained. Only approved BTC futures ETP is that these products are essentially funds registered under the 1940 Act (which can provide some investor protection). Because they believe that the BTC futures market is more mature/supervised than the spot market, but this explanation does not have much value.