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US Securities and Exchange Commission chair discusses regulating the digital money market on ‘The Claman Countdown.’<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
One Bitcoin<\/a> exchange-traded fund hopeful is appealing to the power of the people to cross the finish line with the Securities and Exchange Commission.\u00a0<\/a><\/p>\n Grayscale Bitcoin Trust wants to convert to an ETF, which would make it the first pure Bitcoin ETF to win approval and CEO Michael Sonnenshein\u00a0is hoping, to see strength in numbers.<\/p>\n He and his team launched an “advocacy” push, including a\u00a0step-by-step guide<\/a> on how to submit comments to the SEC on why the fund should be given the thumbs-up.\u00a0<\/p>\n US BRACES FOR RUSSIAN CYBER ATTACKS<\/strong><\/a><\/p>\n \u00a0<\/p>\n LIVE: CRYPTOCURRENCY PRICE DATA<\/strong><\/a><\/p>\n “This campaign aims to educate and inspire the investment community to take action and make their voices heard on this historic decision,” Sonnenshein said in a statement.\u00a0<\/p>\n CLICK HERE TO READ MORE ON FOX BUSINESS<\/u><\/strong><\/a><\/p>\n It\u2019s not just the hype \u2014 earlier this month, Grayscale\u2019s global head of ETFs, David LaValle, said the firm’s size and scope qualifies them to be the first approved ETF.\u00a0<\/p>\n “Everyone else has concepts at this point, we actually have a product in market, we have over 600,000 investors in our flagship product the Grayscale Bitcoin Trust and so it absolutely does matter, and we certainly do want to be first,” LaValle told FOX Business. “We have hundreds of thousands of investors who have said they desire this ETF, and we are certainly going to advocate on their behalf,” he added. \u00a0<\/p>\n The comments period ends July 6, 2022.\u00a0<\/p>\n For investors who already own the current fund, GBTC, if approved, these changes would evolve.\u00a0<\/p>\n Move to New York Stock Exchange as listed product<\/p>\n<\/div>\n Will track Bitcoin prices more efficiently \u00a0<\/p>\n<\/div>\n Fees would be reduced, Grayscale promises\u00a0<\/p>\n<\/div>\n<\/div>\n<\/section>\n To date, the SEC under Chairman Gary Gensler has rejected all Bitcoin ETF applications, in most cases, citing the inability by firms to guarantee investor protections.\u00a0<\/p>\n He explained the risk to investors in a recent FOX Business interview.<\/p>\n “Bitcoin futures, trading on the Chicago Mercantile Exchange \u2026 it has had a regulated market since 2017 by our sibling agency the Commodity Futures Trading Commission, an agency I was once proud to chair, so you should know I think really well of the CFTC. So, that’s part of that framework, we don’t have that framework for the underlying cash market at this time,” Gensler said.\u00a0<\/p>\n Instead, the commission has greenlit Bitcoin Futures ETFs and ETFs that offer exposure to Bitcoin and crypto-related companies, including\u00a0ProShares Bitcoin Strategy ETF<\/a>, WisdomTree\u2019s Enhanced Commodity Strategy Fund and the Bitwise Crypto Industry Innovators ETF.\u00a0<\/p>\n Most recently, Fidelity became the latest company to get the heave-ho from the SEC for its Bitcoin ETF application.\u00a0At the time, in a statement to FOX Business Fidelity said:<\/p>\n “While we are disappointed by the outcome of the SEC\u2019s deliberations resulting in today\u2019s disapproval order, we reaffirm our belief in market readiness for a physical bitcoin exchange traded product and look forward to continued constructive dialogue with the SEC.<\/p>\n “Fidelity\u2019s comprehensive research on bitcoin trading in global spot and futures markets shows the maturation of these markets and the price discovery leadership of the regulated CME Bitcoin futures market, which satisfies the SEC\u2019s standards for listing approval as applied to many existing spot-backed exchange products currently available for trading, including gold, silver, platinum, palladium and copper,” the firm said.\u00a0<\/p>\n<\/div>\nWhat Happens in a GBTC Conversion\u00a0<\/h2>\n<\/header>\n
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\n \nTicker<\/th>\n Security<\/th>\n Last<\/th>\n Change<\/th>\n Change %<\/th>\n<\/tr>\n<\/thead>\n \n CME<\/a><\/td>\n CME GROUP INC.<\/td>\n 239.41<\/td>\n +2.15<\/td>\n +0.91%<\/td>\n<\/tr>\n <\/tbody>\n<\/table>\n \n\n
\n \nTicker<\/th>\n Security<\/th>\n Last<\/th>\n Change<\/th>\n Change %<\/th>\n<\/tr>\n<\/thead>\n \n BITO<\/a><\/td>\n PROSHARES TRUST BITCOIN STRATEGY ETF<\/td>\n 24.53<\/td>\n +0.47<\/td>\n +1.95%<\/td>\n<\/tr>\n \n GCC<\/a><\/td>\n WISDOMTREE TRUST ENHANCED COMMODITY STRATEGY<\/td>\n 23.01<\/td>\n -0.35<\/td>\n -1.50%<\/td>\n<\/tr>\n \n BITQ<\/a><\/td>\n EXCHANGE TRADED CONCEPTS TRUST BITWISE CRYPTO INNOVATORS E<\/td>\n 15.76<\/td>\n +0.25<\/td>\n +1.61%<\/td>\n<\/tr>\n <\/tbody>\n<\/table>\n