February 23, 2022
SEC delaying a Grayscale spot ETF hurts investors' sentiment in the Crypto space at large, and sets a negative tone for a particularly hard asset such as Bitcoin. Approval of an ETF will be a game changer and should propel the U.S. companies in this space ahead of its competitors.
Canada has already approved a spot Bitcoin ETF (Purpose Bitcoin ETF trading under ticker BTC.)
The SEC can take a progressive approach such as setting multiple milestones for the financial trading instrument towards it eventually being traded as an ETF.
SEC's non approval of an spot ETF so far has already hurt Grayscale investors as the financial instrument is currently trading at a huge unjustifiable discount.