The US SEC has raised a concern on the conversion of Grayscale Bitcoin Trust into Bitcoin Spot Exchange Trade Fund

February 6, 2022

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According to the report, the U.S SEC (Securities and Exchange Commission) has raised a deep concern regarding the way to avoid the percentage manipulation, corruption and additional crises while proposing the conversion of Grayscale Bitcoin Trust (GBTC) into a Bitcoin spot Exchange Trade Fund (EFT).In October, Grayscale has filed a request with the SEC regarding the transformation. In December, the SEC reviewed and rejected the application. The SEC has rejected many applications of spot bitcoin from WisdomTree, Krypton, SkyBridge and some more over the past few months.

Some valid reasons fuel the concern of the regulators such as the concern about the liquidity, clarity and appropriateness of the bitcoin market.The Securities and Exchange Commission has implored the nation to discuss and state its view on these matters and provided 21 days to remark with an extra 14 days for replies to those remarks.In recent weeks, the officials of SEC also proposed enterprise manager Bitwise to divulge the problems about its personal spot bitcoin EFT program.

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