SEC Receives 200 Letters On Grayscale’s Bitcoin ETF

The U.S Securities and Exchange Commission has received 200 letters with regards to Grayscale’s Bitcoin ETF. It reports that the majority of these letters were received in February 2022. 

 The SEC has seen a large inflow of letters from the public concerning the possible approval of Grayscale’s upcoming Bitcoin spot ETF, which remains a pending decision.  

Investors In Dialogue with SEC

A total of 198 letters arrived at the SEC concerning Grayscale’s spot ETF since early October 2021. With a larger influx of letters reported this month; the commission reported to have received 184 of those letters in this February alone.

The recent bounce in messages this month might be linked to a greater awareness of the issue making rounds on social media. The SEC gave public comments on Feb.1, and Grayscale tweeting on the issue on Feb. 10 which drew many engagements and opinions. 

The letters on record were sent by investors: individuals, attorneys, financial advisors, engineers, professors, and corporate leaders. However, each one shares its own opinion on the approval of the Grayscale spot ETF proposal.

Although many wrote in support of Grayscale’s proposal citing arguments that a BItcoin ETF will help grow the Crypto market and provide better-regulated investment options, others argued against the plan citing the risks in the general use of cryptocurrency.

Michael Sonnenshein, CEO of Grayscale has told Bloomberg that “a lot of the letters have been echoing what we at Grayscale have been articulating for quite some time and continue to do so today – that investors have been patient and deserve a spot Bitcoin ETF.”

 So far, the SEC is yet to approve a Bitcoin spot ETF and consistently rejected earlier applications regarding that goal. 

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