Grayscale recently submitted a letter to the United States Securities and Exchange Commission (SEC) expressing concerns over the Surveillance Sharing Agreement (SSA) between Coinbase and asset managers pursuing a spot Bitcoin ETF.

The investment firm argues this agreement should not be the sole determinant in the regulator’s decision-making.

Grayscale Challenges Coinbase’s SSA

The crux of the SEC’s hesitance to approve a spot Bitcoin ETF largely hinges on concerns of potential market manipulation. While some believe the Coinbase SSA might be the key to swaying the SEC’s decision, Grayscale counters this belief.

Grayscale’s contention is that an SSA with Coinbase might fall short of meeting regulatory standards, given that Coinbase is not recognized as a registered securities exchange, broker-dealer, or futures exchange in the US.

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Author: Oluwapelumi Adejumo

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