Read full article at Coingape.

Grayscale

Grayscale, the world’s largest crypto asset manager made another compliance breakthrough as three of its independent crypto trust namely Litecoin Trust ($LTCG), Bitcoin Cash Trust ($BCHG), and Ethereum Classic Trust ($ETCG) became SEC reporting companies. Earlier, this year, the asset managers Digital Large Cap Fund ($GDLC) also became an SEC reporting company. The recent induction takes the total number of Grayscale products that are SEC reporting companies to five.

Grayscale CEO Michael Sonnenshein called it a great regulatory win that would open the gates for crypto investment to new investors that are regulation-centric. He explained,

“This is something that investors not only have expressed wanting but something that we feel they deserve, He added, SEC reporting status has opened Grayscale to a wider audience of investors who are typically used to seeing that [type of reporting] when they think about making investments.”

The three independent crypto funds from Grayscale would see their lock-up period get reduced from 12-month to 6-months. Other benefits include a potential smoother transition to an Exchange Traded Fund (ETF), once the SEC clears the first crypto ETF in the US.

Will Grayscale Need a Change in Bitcoin ETF Plans?

Grayscale had earlier revealed plans of converting its premium Bitcoin product, the Bitcoin Trust Fund ($GBTC) into a Bitcoin ETF and has hired a former ETF veteran to lead the charge. However, the recent comments by SEC chair Gary Gensler could dampen the world’s largest asset managers’ ETF plans. Gensler has said a Futures based Bitcoin ETF is more likely to get the SEC nod than a physical one. Following this, a number of companies started filing for Bitcoin Futures ETF.

While ETF experts believe a physical Bitcoin ETF would eventually be passed but not before the futures ones. However, Grayscale would now need to either wait out for the SEC approval or pitch a new Futures ETF like several others.

The post Breaking: Grayscale’s Three Independent Crypto Trusts Become SEC Reporting Companies appeared first on Coingape.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Categories:

Tags:

Comments are closed

Translate

Our Other Projects

EdgyBranding.com - Premium Domain Names.

Notezi.com - Social Network

ParisArtwork.org - Mid-century Paris NFTs, tokenized on the WAX blockchain.

NewYorkArtwork.org - Mid-century New York NFTs, tokenized on the Ethereum blockchain and offered on Rarible.

ClassicAutomobile.org - Classic Automobile News.