Grayscale argued the Securities and Exchange Commission should approve all spot Bitcoin ETF applications simultaneously, pressing for the measure in several comment letters submitted on Thursday.

“The SEC’s actions related to bitcoin ETFs should be done in a fair and orderly manner,” Grayscale’s Chief Legal Officer Craig Salm said in a statement. “As a disclosure-based regulator, the SEC should not pick winners and losers.”

The Grayscale Bitcoin Trust (GBTC) holds over $18 billion in assets under management and gives investors exposure to crypto’s oldest coin. The firm has taken the SEC to court over repeated denials to convert its flagship Bitcoin fund into a spot Bitcoin ETF.

A spot Bitcoin ETF would enable institutions to get exposure to Bitcoin without needing to directly hold the coin. It’s seen within the crypto community as a gateway toward large-scale Bitcoin adoption and a stamp of approval for crypto as an asset class.

A smattering of spot Bitcoin ETF applications hit the regulator’s desk last month following an application from BlackRock, one of the world’s largest asset managers. Firms like Fidelity, WisdomTree, and Invesco piled in close with applications of their own, potentially turning an ETF’s approval into a regulatory footrace.

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Author: André Beganski

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