Grayscale Investments has once again challenged the SEC and protested against the regulator's decisions for approving a leveraged Bitcoin futures ETF and refusing to approve its application for a spot Bitcoin ETF. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
Grayscale questions the SEC again
📍The U.S. Securities and Exchange Commission has received a new letter from Grayscale in which the asset manager questions the rejection of its spot Bitcoin ETF applications. In the letter, Grayscale Investments questions the SEC’s decisions to approve several exchange-traded products that track Bitcoin futures, including approving the first leveraged BTC futures fund, but has declined to approve a spot Bitcoin ETF.
Grayscale explained that the 2x Bitcoin Strategy ETF, which began trading on June 27, seeks to “double the performance of the S&P CME Bitcoin Futures Daily Roll Index each day,” thereby exposing investors to greater risks than traditional Bitcoin futures exchange-traded products or spot markets.
In the registration statement, the SEC said the leveraged ETF is aimed at well-informed investors who “actively manage and monitor their investments.” However, there is a high risk that investors could lose the entire value of their investment in a single day, the firm said. Because of this, Grayscale argued that the SEC has been making decisions about Bitcoin exchange-traded funds and products in an arbitrary and discriminatory manner.
“The 2x Bitcoin Strategy ETF invests in CME bitcoin futures contracts, “the value of which is dependent on or derived from the underlying reference asset,” i.e., “bitcoin.””, the letter sent by Grayscale states. With these statements, the investment manager seeks to pressure the SEC to approve its application for registration to launch a spot Bitcoin ETF on the US market.
In the middle of last year, Grayscale presented a lawsuit against the SEC, after rejecting the change request he had made to transform his Grayscale Bitcoin Trust (GBTC) fund into a spot cryptocurrency ETF.
Shibarium launch is coming soon
📍SHIB and BONE continue to gain this week as the release of Shibarium approaches. According to CoinMarketCap data, SHIB price has grown by 6,4% this week, while BONE has gained over 8%. The boost that these two tokens have experienced in the last 7 days is related to the new data available about Shibarium, the new L2 blockchain of the meme cryptocurrency.
Shiba Inu development lead Shytoshi Kusama said in a post that the team plans to launch the new Shiba Inu L2 soon. He noted that Shiba Inu will be one of the sponsors of the Blockchain Futurism Conference, which will be held next August in Toronto, Canada.
Shibarium and its launch will be among the topics discussed during the aforementioned conference. Shibarium beta was successfully launched last March.
Justin Sun withdraws 30.000 ether from Lido
📍Tron founder has withdrawn 30.000 ethers from staking platform Lido. Ethers are worth over $56 million at the time of writing and are equivalent to 937 node validators, taking as a reference the minimum parameters of 32 ethers needed to activate a node on the blockchain.
While the reasons for Sun withdrawing this significant amount of ethers from Lido are unclear, the founder of the Tron network still holds 263.294 ethers, worth over $490 million, deposited on the staking platform.
Meanwhile, according to crypto analytics platform Lookonchain, Sun managed to earn 5.194 ethers, or $9 million, between February 25 and 27, from the more than 288.000 ethers he held on Lido.
Continue reading: Vitalik Buterin, Creator of Ethereum, Praises Ordinals and BRC-20 Tokens in Bitcoin
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