The United States Securities and Exchange Commission (SEC) has initiated discussions with Grayscale Investments. Reportedly, they are discussing whether to convert Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF (exchange-traded fund).
This move, which follows Grayscale’s recent court victory over the SEC, could significantly impact the crypto market. Indeed, it could ease the way for everyday investors to engage with Bitcoin.
SEC and Grayscale In Talks Over Bitcoin ETF
Grayscale’s ongoing dialogue with the SEC’s Division of Trading and Markets and the Division of Corporation Finance comes after a US federal court ruling found the SEC’s initial rejection of Grayscale’s ETF application to be “arbitrary and capricious.” The court’s decision has reignited the possibility of a spot Bitcoin ETF. Consequently, it places Grayscale’s application back under the SEC’s scrutiny.
Craig Salm, Grayscale’s Chief Legal Officer, emphasized the company’s renewed focus on engaging with the Division of Trading and Markets. He acknowledged ongoing challenges but expressed optimism. Salm also noted the progress of other financial giants like BlackRock and Fidelity in their Bitcoin ETF applications.
“Right now we’re just laser-focused on constructively reengaging with Trading and Markets… There are still things that have to be worked through… Overall, it’s been good engagement, and it’s a matter of when, not a matter of if anymore,” Salm stated.
The SEC, which has not yet publicly commented on the new talks, faces heightened expectations and scrutiny.
SEC Chair Gary Gensler refrained from commenting on Grayscale’s application recently. Still, he highlighted the work of the agency’s corporation-finance arm in dealing with evolving technology and business models. This division will play a central role in evaluating Grayscale’s application.
“I’m not going to prejudge the staff’s work on those multiple ETFs filings, but it’s also about those companies. When a company, or an
Go to Source to See Full Article
Author: Bary Rahma
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
