For the SEC to defend its denial of Grayscale’s proposal to convert GBTC into an ETF, it would have to withdraw its previous approval of futures-based bitcoin ETFs, which is unlikely, the report said.
that the regulator must review its rejection of Grayscale’s attempt to convert the Grayscale Bitcoin Trust into an ETF, JPMorgan said in a report Friday.
The court argued that fraud and manipulation in the spot market posed a similar risk to both futures and spot products because the “spot bitcoin market and CME bitcoin futures market are so tightly correlated,” the report said. A retroactive withdrawal would be extremely disruptive and embarrassing for the SEC and therefore appears unlikely, the bank said.
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