In a recent development, the crypto/gbtc-shares-grayscale/” rel=”nofollow noopener” target=”_blank”>grayscale asset manager recently met with National stock market Commission (SEC) in a move that could suggest that the approval of a bitcoin Spot ETF is on the horizon.
Why Grayscale’s meeting with the SEC is important
in a mail On his platform This fact is significant as this division of the SEC is in charge of approving or rejecting proposed rule changes (in this case, as they relate to Grayscale’s bitcoin Trust).
Many had continued to speculate in the next steps following the SEC’s decision not to appeal the US Court of Appeals Ruling in favor of gray scale. However, the court had ordered the SEC to review Grayscale’s application again.
The asset manager seeks to convert its bitcoin Trust in Grayscale (GBTC) to a bitcoin Spot ETF, which will be listed on NYSE Arca. As such, the meeting with the SEC could be seen as a positive sign that the SEC may be more open to approving Grayscale’s application this time.
Meanwhile, Grayscale is also putting plans in place in case the SEC approves the fund. The asset manager recently entered into a transfer and servicing agency agreement with BNY Mellon, which Seyffart also highlighted in his post. As part of the agreement, the bank will be responsible for facilitating the issuance and redemption of shares in the trust.
However, as Seyffart pointed out, the agreement does not mention anything about when the fund will become operational, as it only states that the agreement will take effect on the date the trust’s shares begin trading on NYSE Arca (in short, when the SEC approves the proposed rule change).
More Positives Regarding bitcoin Spot ETF Approval
In his post, Seyffart also stated that he had heard rumors that other potential bitcoin Spot issuers would meet with the crypto/sec-announcement-crypto/#:~:text=What%20The%20SEC’s%20Latest%20Announcement%20Means%20For%20The%20Crypto%20Industry,-by%20Scott%20Matherson&text=A%20recent%20announcement%20by%20the,actions%20have%20had%20on%20it.” rel=”nofollow noopener” target=”_blank”>Commission recently. This development, if true, is a positive sign that the SEC could be more open to the idea of approving these funds to the extent that they can offer the greatest compliance guarantees, which could eliminate bitcoin-news/sec-prove-bitcoin-is-not-manipulated/” rel=”nofollow noopener” target=”_blank”>the concerns that the Commission has regarding said investment vehicles.
However, despite the positive aspects, Seyffart and his colleague Eric Balchunas choose to adopt a conservative stance, as the former mentioned that the events of recent days had not changed the probabilities they placed on the bitcoin/bloomberg-spot-bitcoin-etf/#:~:text=Bloomberg%20Analyst%20Predicts%20Likelihood%20Of%20A%20Spot%20Bitcoin%20ETF%20By%20January%202024,-by%20Scott%20Matherson&text=Following%20notable%20changes%20to%20the,as%20early%20as%20next%20year” rel=”nofollow noopener” target=”_blank”>Spot bitcoin ETF approval probability. He Bloomberg Analysts They maintain that there is a 90% chance that any of these funds will be approved before January 10, 2024.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/11/Bitcoin-Spot-ETF-Grayscale-meets-with-SEC-division-responsible-for" alt="Tradingview.com bitcoin Price Chart (bitcoin Spot ETF Grayscale)” width=”2650″ height=”1696″/>
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