TechFlow news: On Tuesday, Grayscale's legal team, along with lawyers from Davis Polk & Wardwell and Munger Tolles & Olsen, sent a letter to the SEC stating there is "no justification" for rejecting its application to convert the Grayscale Bitcoin Trust (GBTC) into a spot ETF.
In the letter, Grayscale’s legal team noted that the pending review period for GBTC’s 19b-4 rule filing has already been nearly three times longer than the time limit under Section 19(b) of the Exchange Act within which the Commission is allowed to act. "Accordingly, we hope the regulator agrees that the best use of resources now is for the Commission to issue an order approving NYSE Arca’s 19b-4 rule filing and authorize staff to work with Grayscale and NYSE Arca to swiftly complete the listing of the trust shares. We believe the trust’s nearly one million investors deserve a level playing field as soon as possible."
