Golden Finance reported that Grayscale’s legal team and lawyers from Davis Polk & Wardwell and Munger Tolles & Olsen sent a letter to the SEC on Tuesday stating that the other party had “no reason” to refuse to convert its Grayscale Bitcoin Trust Fund (GBTC) into a spot ETF.

Grayscale’s legal team said in the letter that GBTC’s Rule 19b-4 submission has been pending for nearly three times the amount of time Section 19(b) of the Exchange Act allows the Commission to take action. “Accordingly, we hope regulators will agree that the best use of resources now would be for the Commission to issue an order approving NYSE Arca’s Rule 19b-4 filing and authorize staff to work with Grayscale and NYSE Arca to finalize the expedited listing of the trust’s shares. We believe the trust’s nearly one million investors deserve this level playing field as soon as possible.”