Chief Legal Officer @Grayscale. Tweets are my own. Likes and Retweets are not necessarily an endorsement. Disclosure: grayscale.com/terms-of-servi…
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We just filed @Grayscale Ethereum Trust's amended Form 19b-4 filing. This is an important step in our effort to uplist $ETHE to NYSE Arca.
Investors want and deserve access to #Ethereum in the form of a spot Ethereum ETF and we believe the case is just as strong as it was for spot #Bitcoin ETFs.
nyse.com/publicdocs/nyse/mar…
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1/ Recently, there’s been a lot of chatter about spot #Ethereum ETFs. I personally am not deterred by it and believe the ETFs should be approved. But right now I want to talk about how I think perceived “lack of SEC engagement” should be viewed at this point:
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@Grayscale will soon file the next brief in our suit challenging SEC's decision to deny $GBTC conversion to a spot #Bitcoin #ETF. The case is moving swiftly. While timing is uncertain, oral arguments may be as soon as Q2. Final decision in DC Cir. App. Court could come by Fall.🧵
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"If the SEC loses its case against @Grayscale, as we expect, the path of least resistance would be a wave of simultaneous approvals for all spot #Bitcoin ETF applicants -- including Grayscale and the other eight active filings." @NYCStein in @Bloomberg today. Cc @EricBalchunas @JSeyff $GBTC
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We unpacked this letter and the new argument in favor of a spot Bitcoin ETF in a @Grayscale Source post here: grayscale.com/unpacking-the-…
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“Grayscale last week sued the SEC for violating the APA. It has a strong argument that the SEC’s disparate treatment of spot and futures bitcoin ETPs contravenes the law’s requirement that regulators treat similar products and parties the same.” wsj.com/articles/gary-gensle…
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The APA requires the SEC to treat *like* situations *alike* absent a reasonable basis for different treatment. This means the SEC must treat similarly situated investment products similarly.
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1/ As part of our suit challenging the SEC's decision to deny $GBTC conversion to a spot #bitcoin #ETF, @Grayscale just filed our Reply Brief with the DC Circuit Court of Appeals. Here’s what you need to know:
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Thank you to Joe Hall, Annette Nazareth, Jai Massari, Greg Rowland, Zach Zweihorn, Paul Mishkin, Daniel Schwartz and the rest of the Davis Polk team; @RepTomEmmer & @RepDarrenSoto; and everyone else who has been supporting @grayscale in its mission to convert $GBTC into an #ETF.
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#Bitcoin ETF products -- Bitcoin futures-based ETFs registered under the ‘40 Act and Bitcoin spot-based ETFs registered under the ‘33 Act -- are an example of two *like* situations that should be treated *alike*… but are no longer.
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Tonight @Grayscale filed a Petition for Review with the DC Circuit Court of Appeals challenging the SEC's decision to deny $GBTC conversion to a spot #Bitcoin #ETF. Our challenge builds off our previous arguments under the APA and Exchange Act:
globenewswire.com/news-relea…
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The entire @grayscale team is reading this tn and I encourage you to do the same. This speech precisely delineates why our team is working to convert $GBTC to a spot #Bitcoin #ETF - told from the perspective of a top regulator that actively engages with the #crypto industry.
Everyone asks me when a spot bitcoin ETP will be approved. Here's my answer: sec.gov/news/speech/peirce-r…
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And there goes $GBTC, making it journey through the gears of financial plumbing, on its way from OTC Markets, up to NYSE Arca
For details and disclosures, visit etfs.grayscale.com/gbtc
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1/ Yesterday @Grayscale sent a comment letter to $GBTC and other spot #bitcoin ETF files restating that the SEC is in a position to approve all spot bitcoin ETFs *now*, and also commenting on the recently proposed SSAs. This thread clarifies some high-level points of the letter:
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Arguments citing the added protections of the ‘40 Act vs. ‘33 Act or CME bitcoin futures being more “regulated” than spot bitcoin - are misplaced in the context of Bitcoin ETF approvals.
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5/ Further, I 100% agree w what others like @iampaulgrewal and @BrianQuintenz have said about why spot #Ethereum ETFs should be approved: consistency w ETH futures ETFs, regulation of ETH futures as commodity futures (vs. security futures), high correlation btw futures and spot.
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4/ Perhaps I will feel differently as we get closer to final approve/deny dates in late May 2024, but at this point, I don’t think perceived lack of engagement from regulators should be indicative of one outcome or another.
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1/ There’s been a lot of conversation about @BlackRock’s filings for a spot #bitcoin #ETF. As there should be. The world’s largest asset manager ($8.6t AUM) entering bitcoin is a major milestone that underscores the maturity of #Bitcoin as an asset and its market structure.
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What ever will there be to talk about?
Tomorrow at 9:30 our Chief Legal Officer @CraigSalm joins @BizBriefing on @SiriusXM. Lots to talk about!
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Sadly, no @Grayscale DC Circuit decision today. Have a nice weekend. See you again Tuesday. $GBTC
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Unfortunately not only is there no @Grayscale DC Circuit decision today. But there are no decisions at all! $GBTC
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2/ In the final months leading up to #Bitcoin ETF approval, @Grayscale and others received positive and constructive engagement from the SEC. We had thoughtful conversations and discussed the finer details of creation/redemption procedures, cash v. in-kind, APs, LPs, custody etc.
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Well now our argument that approval of #Bitcoin futures-based ETFs, but not #Bitcoin spot-based ETFs like $GBTC is “arbitrary and capricious” just got a lot more interesting...
sec.gov/rules/sro/nysearca/2…
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Bitcoin futures vs. Bitcoin spot and ‘40 Act vs. ‘33/'34 Acts are regulatory distinctions without a difference in the context of #Bitcoin #ETF approvals. Thank you for your continued support @RepTomEmmer and @FallonLizzy! $GBTC
We received a response from SEC Chair Gensler to our 11/3/21 letter regarding BTC spot ETFs. This issue remains a priority for us and we will continue to oversee the SEC in its mission to maintain fair and orderly markets and facilitate capital formation.
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1/ What a week! I’ve finally had time to settle down and put down some thoughts about @Grayscale’s big win in our lawsuit challenging the SEC’s denial of $GBTC's conversion to a spot #bitcoin ETF. Heading into LDW, here's a short thread on what I think it means and what is next🧵
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You know you’re doing something right when people have to exclude you from the dataset so their stats aren’t totally warped
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Today starts the first day of my 7th year at @Grayscale. What a journey it has been!
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Frankly, I prefer the British spelling "Authorised Participant". Have a great weekend!
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As we inch closer to the March 7 Oral Arguments date for our $GBTC lawsuit, I couldn't help but revisit @HesterPeirce's all encompassing speech on the history of #Bitcoin ETFs. Her grand dissent sheds light on the importance of embracing innovation and allowing investors access to this emerging asset class. I summarize below, but I highly recommend reading in full. Have a nice weekend.
The entire @grayscale team is reading this tn and I encourage you to do the same. This speech precisely delineates why our team is working to convert $GBTC to a spot #Bitcoin #ETF - told from the perspective of a top regulator that actively engages with the #crypto industry.
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Spending this President's Day reviewing all the Court documents in our DC Circuit lawsuit to convert $GBTC to a spot #bitcoin ETF. Here's a powerful line from our Opening Brief:
"At bottom, the Commission has arbitrarily rewarded bitcoin-futures ETPs for being vulnerable to two theoretical sources of fraud or manipulation—misconduct in the bitcoin futures market and misconduct in the spot bitcoin market—while arbitrarily penalizing spot-bitcoin ETPs for being exposed only to one...In ignoring that reality, the Commission has reached an unreasoned decision that unfairly discriminates between issuers in violation of the Exchange Act, see 15 U.S.C. § 78f(b)(5)—exactly what the APA forbids."
grayscale.com/wp-content/upl…
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9/ We will continue to keep our community apprised of developments in the litigation. The next milestone will be our final briefs due Feb. 2. While timing is uncertain, oral arguments may be as soon as Q2, final decision in DC Cir. App. Court could come by Fall.
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@iampaulgrewal and @coinbase’s comment letter was a key component in Grayscale v SEC, which ultimately led to #bitcoin ETF approval.
Thank you for your continued support and leadership now on #ethereum ETFs Paul and Coinbase team.
Looking forward to giving the read!
Today @coinbase responded to @SECGov's request for comment on the proposed @Grayscale Ether Trust ($ETHE) ETP. 27 pages and 96 citations that provide the (1) legal, (2) technical, and (3) economic rationale for approval. 1/6
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I just published “What Makes a Well-Designed Cryptoeconomic Protocol?” @naval @patrick_oshag #filecoin #tezos #numerai #steem
medium.com/@craig.salm/what-…
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6/ The test in and of itself exceeds the SEC’s statutory authority and is arbitrary and unreasoned. The test is deeply flawed, essentially rewarding $BTC futures for being subject to two kinds of risks, while penalizing spot bitcoin for being subject to only one of those risks.
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The reason why these spot #bitcoin ETF delays aren't all coming out at once, is because for every copy and paste, someone has to make sure they properly change the:
-Issuer name
-Exchange name
-Release and File numbers
-Dates of filing
-Date of next approve/deny/delay day
It's meticulous work, but it's the process. Nothing unusual.
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5/ The “significant market test” used in the context of #bitcoin ETFs, and only bitcoin ETFs, has been applied arbitrarily: in a relaxed manner for bitcoin futures ETFs, but a strict manner for spot bitcoin ETFs to get to a results-driven conclusion.
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Yesterday five amicus briefs were filed in support of @Grayscale's Petition for Review challenging SEC's decision to deny $GBTC conversion to a spot #Bitcoin #ETF.
This week @Grayscale filed our opening brief with the DC Circuit Court of Appeals. This is the first major milestone since we filed the Petition for Review challenging SEC's decision to deny $GBTC conversion to a spot #Bitcoin #ETF back in June.
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8/ Although #bitcoin may be a relatively new asset, the legal issue here is straightforward. We further break down these arguments in our post here with brief attached: grayscale.com/gbtc-lawsuit-g…
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2/ This is the next major milestone since we filed the Petition for Review back in June, our Opening Brief in October, and the SEC’s Reply Brief in December. I shared a lot of important additional context earlier this week:
@Grayscale will soon file the next brief in our suit challenging SEC's decision to deny $GBTC conversion to a spot #Bitcoin #ETF. The case is moving swiftly. While timing is uncertain, oral arguments may be as soon as Q2. Final decision in DC Cir. App. Court could come by Fall.🧵
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Had a great time on @ETFEdgeCNBC talking about Grayscale’s court victory to convert GBTC to a spot #bitcoin ETF, what it means and what’s next. Cc @BobPisani @Matt_Hougan @senderowiczj
cnb.cx/3PeQHvX
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🔪<🔫
In #bitcoinETF battle, @Grayscale is bringing "a gun to a knife fight," giving it a huge edge, Bloomberg analyst @EricBalchunas says. @IanAllison123 reports
trib.al/cxObhEc
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If you agree with these arguments, there’s no better way to ensure your voice is heard than to write to the SEC as they consider $GBTC’s #ETF conversion. We’ve made it simple to do: grayscale.com/comment
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3/ In contrast to our Opening Brief, this Reply Brief is significantly shorter (41 pages vs. 100 pages) and addresses counterpoints made by the SEC in their brief, while also re-emphasizing key substantive arguments from our Opening Brief.
Here are some examples:
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And now we all transition from incessantly refreshing the DC Circuit's website, to incessantly refreshing the SEC's NYSE Arca, NASDAQ and CboeBZX SRO websites Cc @EricBalchunas @JSeyff
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7/ We will continue to do whatever it takes to convert $GBTC to a spot #bitcoin ETF on behalf of nearly 1 million investors across all 50 states. For further discussion of these topics, visit the blog we published about the comment letter here: grayscale.com/grayscales-lat…
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Today Grayscale rang the bell for GBTC and we're looking forward to ringing many more bells in the future!
For details and disclosures about Grayscale #Bitcoin Trust, visit: etfs.grayscale.com/gbtc
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2/ A lot has happened in the #crypto industry since we first filed our lawsuit in June ‘22, but I continue to believe in the strength and merits of our common sense and compelling legal arguments:
This week @Grayscale filed our opening brief with the DC Circuit Court of Appeals. This is the first major milestone since we filed the Petition for Review challenging SEC's decision to deny $GBTC conversion to a spot #Bitcoin #ETF back in June.
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4/ That means events and speculation surrounding Terra/LUNA, 3AC, Celsius, Voyager, FTX, Alameda, BlockFi, Genesis Capital, Gemini, DCG, or anyone else are *not* relevant to the ultimate question the Court will have to answer:
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$BTC futures are priced based on spot bitcoin. If you're OK with one then you have to be OK with the other. It's that simple. Stop picking winners and losers and give investors a choice! Thank you @RepTomEmmer & @RepDarrenSoto for your leadership and support on this issue. $GBTC
Today I sent a letter to @GaryGensler with my @blockcaucus co-chair @RepDarrenSoto about Bitcoin ETFs. It doesn’t make sense that Bitcoin futures ETFs are allowed to trade but Bitcoin spot ETFs are not.
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108 new letters were added to the SEC website this evening on behalf of $GBTC conversion to a spot #Bitcoin #ETF. And they're all dated Feb 22, 2022...
sec.gov/comments/sr-nysearca…
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I’ll continue to read through letters as they come in. Expecting a lot more after today. Humbled and encouraged by the outpouring of support we’re seeing. Investors, bitcoin proponents and US citizens want this! Let your voice be heard here: grayscale.com/comment/
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7/ Notably, one of @blackrock’s primary arguments on why the SEC should approve their #bitcoin ETF is the verbatim argument @Grayscale presented in our lawsuit to convert $GBTC to a spot #bitcoin ETF:
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11/ We have the best legal minds representing $GBTC shareholders in the DC Circuit Court of Appeals, including Don Verrilli, former Solicitor General under the Obama administration, his team at MTO and Davis Polk.
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I hear your point but that was also the first S-1 for a '33 Act crypto ETP ever. Also different SEC division than what reviewed the '40 Act BTC futures ETF N-1. The ETH-specific risk disclosures are also already out there. See our ETHE 10-K for instance.
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Pleasure as always to go on @CoinDesk TV to talk about our lawsuit to convert $GBTC to a spot #Bitcoin ETF
LIVE NOW: our Chief Legal Officer @CraigSalm joins @CoinDesk first mover to discuss yesterday's oral arguments and more.
nitter.app/i/broadcasts/1BRJjZEPB…
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@DigitalChamber
has published the most comprehensive report about spot #Bitcoin #ETFs to date. We were proud to contribute perspectives alongside our respected peers in the #crypto industry: digitalchamber.org/crypto-co…
This week, @DigitalChamber released a 🔥 report on the current state of #crypto ETFs.
It’s a must-read for any digital asset investor.
A brief 🧵 of some of the questions that it raises:
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3/ Our lawsuit is about determinations on *questions of law*. Despite the SEC’s historical reluctance, or current perceptions of the #crypto industry more generally, this is a legal case about fair and equal treatment under the law.
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We appreciate that the DC Circuit’s opinion acknowledged that this case presented a straight-forward question about equal treatment under the law.
More in the press release announcing Grayscale’s court win re our GBTC spot #bitcoin ETF application here:
globenewswire.com/news-relea…
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2/ First, the SEC is already in a position to approve all spot #bitcoin ETFs. That's because the CME bitcoin futures market already has surveillance sharing through the Intermarket Surveillance Group - a global network of exchanges that share trading information.
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Today Grayscale submitted our fourth comment letter regarding our pending 19b-4 proposal to convert GBTC to a spot #bitcoin ETF. Read more about the letter here: grayscale2021s.wpengine.com/…
Today, our legal team and counsel at Davis Polk & Wardwell and Munger Tolles & Olsen delivered a letter to the SEC with important information to consider as it decides on next steps for $GBTC. (1/3)
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