Grayscale Seeks Approval in the US to Float Bitcoin Spot ETF; SHIB Launches Burning Portal

Grayscale, a Bitcoin investment platform, advanced its activities to register a Bitcoin spot exchange-traded fund with financial authorities in the US after the regulator gave the green light for another organization’s Bitcoin ETF filing.

Grayscale’s attorneys recently told the US Securities and Exchange Commission not to treat its filing for a BTC spot ETF as different from a BTC ETF. The communication references the SEC’s approval of Arca’s filing to float Teucrium’s BTC futures ETFs, highlighting the event to support their arguments on why the regulators should approve spot ETFs.

Arca, an NYSE-listed virtual assets firm, received SEC approval recently. Grayscale’s attorneys argued that there was no legal backing to address spot Bitcoin offerings under different conditions from the future products. Since the SEC approves a Bitcoin ETF, Grayscale’s attorneys say that the SEC “must” also show approval for spot BTC exchange-traded funds.

Reports say the regulatory body would make a finalized statement concerning Grayscale’s filing early in 2022 Q3. However, Grayscale’s Chief Executive Officer, Michael Sonnenshein, says that his organization could sue the US regulators if they deny its filing.

Shiba Inu Launches Burning Online Platform

Shiba Inu’s developers have reportedly launched an online platform that would allow users to burn SHIB tokens more than they were ever able to do. Additionally, the recently launched burning online platform includes more rewards than was available to SHIB-burning players in the past.

Renowned meme coin SHIB recently launched a Burn Portal to reduce the supply of tokens and allow account holders to win rewards passively while burning tokens. According to a post on the meme coins online platform, the portal’s purpose was to give SHIB a deserved reputation of being one of the best virtual assets in the crypto market.

Reports say that burners on the Shiba Inu online burning platform would access two rewards for their activities. While one of the rewards refers to raising the overall asset’s value, the other concerns receiving burntSHIB tokens in the e-wallet.

Owners of burntSHIB can exchange their assets for RYOSHI assets at a dynamic rate. The burning portal reportedly burnt more than 8 billion Shiba Inu coins within one day after the portal launched.

Reports on the price of the memecoin within the last day show that Shiba Inu’s burning portal launching hasn’t significantly affected the coin’s price. SHIB had reportedly dropped by 6.8%, sitting at 0.00002264 USD, at the time of the report, based on CoinGecko’s data.

Burners have burnt more than 410 trillion SHIB to date, accounting for about two-fifths of the entire tokens in supply. Moreover, sending SHIB to dead or inactive cryptocurrency wallets can reportedly burn SHIB.

Meanwhile, a recent poll by Benzinga, a news platform, showed that many crypto enthusiasts predict that Shiba Inu will reach 0.001 USD before BTC reaches 100k USD. The survey showed that about 64% of respondents supported the addressed Shiba Inu coin’s spike ahead of Bitcoin.