ETF euphoria is still wafting through both the crypto and finance space, and would-be Bitcoin investors are holding their breath ahead of what they hope will be the first approved exchange traded fund for spot markets.

Their spirits were lifted after regulators gave their blessing to 2X Volatility Shares to start trading the first ETF in leveraged Bitcoin futures on June 23. For many observers, the move was a step in the right direction, toward the inevitable approval of a spot market ETF.

The news was more bittersweet, however, for another contender hoping for a chance to offer a spot ETF: Grayscale. 

Donald Verilli, one of the lawyers representing Grayscale in its battle with the SEC, argued that approving the Volatility Shares ETF ran contrary to its own stance against any fund dealing with spot markets.  

“The fact that the Commission has allowed a leveraged bitcoin futures ETP to begin trading demonstrates that the Commission continues to arbitrarily treat spot Bitcoin ETPs differently than bitcoin futures ETPs,” Verilli wrote in a letter to the clerk for the U.S. Court of Appeals in Washington D.C. on Monday.

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Author: Nicholas Morgan

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