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Grayscale Tells SEC It Has No Legal Reasoning Left to Block Bitcoin Fund Conversion to ETF

Grayscale has informed the Securities and Exchange Commission that it sees no legal reason to prevent the conversion of its Bitcoin fund to a spot exchange-traded fund. The company's lawyers have requested a meeting with the regulator to discuss the next steps following the court's decision to allow the conversion.

Grayscale believes that there is no rationale to distinguish a Bitcoin futures ETP from a spot Bitcoin ETP under the legal analysis previously adopted by the Commission. The fund conversion application has been pending for nearly three times longer than the length of time stipulated by the SEC's rules.

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