Grayscale Investments is placing stress on the U.S. Securities and Change Commission (SEC) to approve its enlighten to transform the Grayscale Bitcoin Belief (GBTC) accurate into a project Bitcoin trade-traded fund (ETF).

Following its court docket victory last week, in which U.S. Courtroom of Appeals Circuit Think Neomi Rao vacated the SEC’s rejection of Grayscale’s utility; the firm now seeks to meet with the securities regulator to communicate in regards to the technique forward.

In a letter addressed to the SEC on Sept. 5, Grayscale’s lawyers acknowledged that the court docket’s thought and comments from NYSE Arca and the general public also can quiet lead the Commission to the conclusion that there don’t seem like any grounds for treating GBTC in a different way from other trade traded products that invest in Bitcoin futures contracts traded on the CME.

“However now that the Courtroom of Appeals has spoken, there is now not always any readily in the market rationale that will per chance seemingly distinguish a bitcoin futures ETP from a project bitcoin ETP below the splendid evaluation previously adopted by the Commission in rejecting role bitcoin ETP,” acknowledged Grayscale’s lawyers.

Grayscale’s letter comes much less than per week after the SEC delayed its resolution on six other applications for a project Bitcoin ETF, in conjunction with one filed by funding large BlackRock, pushing the original prick-off date to October.

(On this episode of Unchained, Bloomberg’s senior ETF analyst Eric Balchunas discusses what the SEC’s two in all chance responses to the ruling are prone to be, and why a project Bitcoin ETF would pose a foremost threat to crypto exchanges.)