Grayscale Warns SEC Not to Break Crypto ETF Rules
The US Securities and Exchange Commission (SEC) is weighing whether to impose new rules on cryptocurrency exchange-traded funds (ETFs). Grayscale, a leading crypto asset manager, has filed comments urging the SEC not to change existing regulations.
The review, which began on June 30 with 27 questions, includes seven asset types, including crypto. Grayscale's spot crypto products are commodity trusts, and it has been running them this way since 2013.
Grateful for the opportunity to comment, Grayscale encouraged the Commission to 'build on what's already working' and provide clear guidance for issuers. Its Chief Legal Officer Craig Salm pointed out that restricting the use of the term 'ETF' to registered investment companies would create investor confusion rather than resolve it.