Grayscale submitted a very interesting letter to the SEC yesterday where it is clearly trying to sabotage the Bitcoin ETF so that can keep robbing the GBTC shareholders. This has to be stopped.
In the letter sent to SEC, Grayscale said surveillance sharing agreement with Coinbase wouldn’t be sufficient to get spot Bitcoin ETFs approved. In other words, Grayscale is basically saying that if SSA with COIN is the magic game changer for spot BTC ETF approval, then that would run counter to SEC’s previous denials and put Grayscale at an unfair disadvantage.
Grayscale seems to be implying COIN SSA might now be good enough for SEC. If that’s the case, Grayscale believes they should have opportunity to amend their previously disapproved 19b-4 filing so they can launch at same time as everyone else.
One suspects that Larry Fink has a number on his phone to call which, when answered, can provide sufficient information to confirm the necessary prerequisites for an SSA. Or, he can inform them of such.
Counter argument if Gary is right, the SEC should not approve BTC spot ETFs – Crypto space is highly manipulated, imagine NYSE is trading against you. Plus it’s a highly speculative asset; will my taxes be used to bail investors out if it hits 0?