{"id":230478,"date":"2022-04-07T13:00:22","date_gmt":"2022-04-07T12:00:22","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=230478"},"modified":"2023-06-30T22:34:15","modified_gmt":"2023-06-30T21:34:15","slug":"grayscale-the-sec-must-get-comfortable-with-spot-bitcoin-etf","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/grayscale-the-sec-must-get-comfortable-with-spot-bitcoin-etf\/","title":{"rendered":"Grayscale: The SEC must get comfortable with spot Bitcoin ETF"},"content":{"rendered":"<p>Michael Sonnenshein, CEO of the largest bitcoin and crypto fund Grayscale, has argued that the SEC's justifications of why it approved Bitcoin futures ETFs but not spot ETFs, don't add up.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The plot thickens on the path to $GBTC\u2019s spot <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/ETF?src=hash&ref_src=twsrc%5Etfw\">#ETF<\/a> conversion\u2026<\/p>\n<p>&mdash; Sonnenshein (@Sonnenshein) <a href=\"https:\/\/twitter.com\/Sonnenshein\/status\/1511890201752350729?ref_src=twsrc%5Etfw\">April 7, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The tweet was posted moments after the U.S. Securities and Exchange Commission (SEC) officially <a href=\"https:\/\/www.sec.gov\/rules\/sro\/nysearca\/2022\/34-94620.pdf\">approved<\/a> another Bitcoin futures Exchange Traded Fund (ETF) \u2014 the <a href=\"https:\/\/twitter.com\/TeucriumETFs\">Teucrium<\/a> ETF \u2014 totaling four ETFs in the U.S. market.<\/p>\n<p>ETFs are financial products that follow the value of an underlying asset, in this case, Bitcoin (<a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">BTC<\/a>).<\/p>\n<blockquote><p>\u201cToday, the SEC approved another US-based Bitcoin futures ETF. Great, right? We agree. But it's important to realize that not all Bitcoin futures ETFs are created equal,\u201d<\/p><\/blockquote>\n<p>Sonnenshein continued on twitter.<\/p>\n<h2>Over 80-year-old set of regulations<\/h2>\n<p>Prior to this latest approval by the SEC, the U.S. had three Bitcoin futures ETFs: BITO, XBTF, and BTF. Each of these holds Chicago Mercantile Exchange (CME) Bitcoin futures and are registered under the so-called <a href=\"https:\/\/en.wikipedia.org\/wiki\/Investment_Company_Act_of_1940\">'40 Act<\/a> \u2013 an over 80-year-old set of regulations that govern many investment products on the market today.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">As of today, those arguments have been significantly weakened as the SEC approved the Teucrium <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&ref_src=twsrc%5Etfw\">#Bitcoin<\/a> Futures ETF, which is registered under the &#39;33 Act, and not the \u201840 Act.<\/p>\n<p>&mdash; Sonnenshein (@Sonnenshein) <a href=\"https:\/\/twitter.com\/Sonnenshein\/status\/1511890223424286720?ref_src=twsrc%5Etfw\">April 7, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Sonnenshein continues to examine the potential impact to spot bitcoin ETF applicants, including, not surprisingly, Grayscale's own <a href=\"https:\/\/cryptoslate.com\/grayscale-appeals-for-community-support-with-sec-spot-bitcoin-etf-application\/\">application<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">First, the SEC has a weaker argument that the different protections & standards that apply to the \u201840 Act vs. the \u201833 Act are reasons for denying spot <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/ETFs?src=hash&ref_src=twsrc%5Etfw\">#ETFs<\/a>, despite using that argument for every single spot Bitcoin ETF denial since Bitcoin futures ETFs started trading.<\/p>\n<p>&mdash; Sonnenshein (@Sonnenshein) <a href=\"https:\/\/twitter.com\/Sonnenshein\/status\/1511890233381564419?ref_src=twsrc%5Etfw\">April 7, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>What\u2019s a \u201cregulated market of significant size\u201d?<\/h2>\n<p>Sonnenshein also argued that the SEC made interesting commentary on the Teucrium approval, particularly concerning what it refers to as \u201cregulated markets of significant size\u201d.<\/p>\n<p>Historically, the SEC asserted that the absence of regulated markets of significant size related to the underlying assets \u2014 i.e. bitcoin \u2014 was a critical and\/or missing element to the approval of a spot bitcoin ETF.<\/p>\n<blockquote><p>\u201cToday, in approving Teucrium\u2019s application under the \u201833 Act, the SEC cleverly decided to define the \u201cmarket\u201d as just the <a href=\"https:\/\/cryptoslate.com\/companies\/cme-group\/\">CME Group<\/a> and the \u201cunderlying assets\u201d as just CME bitcoin futures, which of course makes CME significant since it [has] 100% of the CME bitcoin futures market!\u201d<\/p><\/blockquote>\n<p>According to Sonnenshein, who also said:<\/p>\n<blockquote><p>\u201cWhat\u2019s wrong with this argument? Well, digging deeper, let\u2019s remember that CME bitcoin futures are <i>priced based on spot Bitcoin markets<\/i> [Sonnenshein\u2019s emphasis] and therefore directly influenced by them.\u201d<\/p><\/blockquote>\n<h2>Today Grayscale\u2019s argument becomes even stronger<\/h2>\n<p>According to Sonnenshein, the SEC even acknowledges the link in its approval of Teucrium and this makes Grayscale's argument &#8220;even stronger.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Therefore, if the SEC is comfortable with a <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&ref_src=twsrc%5Etfw\">#Bitcoin<\/a> futures <a href=\"https:\/\/twitter.com\/hashtag\/ETF?src=hash&ref_src=twsrc%5Etfw\">#ETF<\/a>, they must also be comfortable with a spot Bitcoin ETF. And they can no longer justifiably cite the \u201840 Act as being the differentiating factor.<\/p>\n<p>&mdash; Sonnenshein (@Sonnenshein) <a href=\"https:\/\/twitter.com\/Sonnenshein\/status\/1511890265879031813?ref_src=twsrc%5Etfw\">April 7, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Sonnenshein\u2019s tweet threat was soon <a href=\"https:\/\/twitter.com\/BarrySilbert\/status\/1511895833750474763\">retweeted<\/a> by Barry Silbert, CEO of Grayscale\u2019s parent company Digital Currency Group, saying the &#8220;sec delay&#8221; needed to be stopped. He added that:<\/p>\n<blockquote><p>\u201cThe SEC is running out of excuses for not approving a spot based bitcoin ETF.\u201d<\/p><\/blockquote>\n<p>Since filing their application for a bitcoin spot ETF, Grayscale has set up a <a href=\"https:\/\/t.co\/qvisSZjpDk\">service<\/a> aiding supporters to easily send emails to the SEC.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Michael Sonnenshein, CEO of the largest bitcoin and crypto fund Grayscale, has argued that the SEC&#8217;s justifications of why it approved Bitcoin futures ETFs but not spot ETFs, don&#8217;t add up. The tweet was posted moments after the U.S. Securities and Exchange Commission (SEC) officially approved another Bitcoin futures Exchange Traded Fund (ETF) \u2014 the [&hellip;]<\/p>\n","protected":false},"author":962,"featured_media":230508,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60840,78665,35372,60793,11],"tags":[76695,77616,76686,76688,74981],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Grayscale: The SEC must get comfortable with spot Bitcoin ETF<\/title>\n<meta name=\"description\" content=\"Grayscale CEO Michael Sonnenshein believes the SEC should not continue to reject spot Bitcoin ETF applications.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/grayscale-the-sec-must-get-comfortable-with-spot-bitcoin-etf\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Grayscale: The SEC must get comfortable with spot Bitcoin ETF\" \/>\n<meta property=\"og:description\" content=\"Grayscale CEO Michael Sonnenshein believes the SEC should not continue to reject spot Bitcoin ETF applications.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/grayscale-the-sec-must-get-comfortable-with-spot-bitcoin-etf\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-07T12:00:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-30T21:34:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/04\/grayscale-sec-bitcoinETF.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Laszlo Dobos\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Laszlo Dobos\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/grayscale-the-sec-must-get-comfortable-with-spot-bitcoin-etf\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/grayscale-the-sec-must-get-comfortable-with-spot-bitcoin-etf\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/laszlo-dobos\/#person\",\"name\":\"Laszlo Dobos\",\"url\":\"https:\/\/cryptoslate.com\/author\/laszlo-dobos\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/laszlo-dobos\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/laszlo-dobos\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/12\/lars-dobos-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/12\/lars-dobos-author-300x300.jpg\",\"caption\":\"Laszlo Dobos\"},\"jobTitle\":\"Reporter\",\"description\":\"Educated in computer engineering, Laszlo began developing an interest for crypto and blockchain technology back in 2013. 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