He grayscale asset manager has submitted an updated Spot bitcoin ETF presentation bitcoin-spot-etf-grayscale/” rel=”nofollow”>after their meeting with the Securities and Exchange Commission (SEC). The leading cryptocurrency, bitcoin, also rallied following the news by crossing the $37,000 mark once again.
Why Grayscale’s filing may be important
In its presentation Dated November 22, Grayscale made some modifications to the original S-3, which it had previously filed with the SEC. As pointed According to prominent financial lawyer Scott Johnsson, the changes include some new risk factors. Some of these risk factors are said to coincide with those of ARK Invest in relation to the expanded disclosure of fraud and manipulation risk.
Johnsson noted that modified risk factors are important because their inclusion is likely a government directive. SECOND. Meanwhile, fraud and manipulation had provided the basis for the SEC to disapprove Grayscale’s initial application. Therefore, the lawyer believes that the SEC’s order to list Grayscale could mean a “concession” that it is no longer an “obstacle.”
As Johnsson highlighted, Grayscale’s revised filing is significant, especially considering the fact that it met with the SEC division responsible for approvals just before it. As such, it could be assumed that you have received instructions on how to ensure compliance in the hope that approval will come soon.
Meanwhile, it appears other potential issuers are also in talks with the SEC. bitcoin-etf/#:~:text=Odds%20For%20ETF%20Approval%20%E2%80%9C75,weren’t%20approved%20by%20then.” rel=”nofollow”>Bloomberg analyst James Seyffart had bitcoin-spot-etf-grayscale/” rel=”nofollow”>recently mentioned hearing rumors of such. If true, that could mean the SEC is more open to approving these ETFs.
Spot the bitcoin ETFs Providing Boost to the crypto Market
bitcoin surpassed $37,000 thanks to Grayscale filing. This price movement means the impact that the bitcoin Spot ETF narrative has on the market. This is also not the first time that news about the Spot bitcoin ETF has given momentum to the market.
In October, bitcoin touched $30,000 for the first time in months thanks to a bitcoin-etf-approval-fake-news/” rel=”nofollow”>fake CoinTelegraph post. Although it was false, many immediately realized the impact that the approval of these funds could have on the market. Meanwhile, shortly after that, bitcoin and the entire cryptocurrency market continued to rally thanks to the narrative.
During this period, bitcoin surpassed $35,000 following the news that BlackRock iShares bitcoin Trust had been included in the Depository Trust & Clearing Corporation. BlackRock had bitcoin-etf/” rel=”nofollow”>also revealed plans to start planting during that period. As everyone in the market continues to cling to speculation, many will hope that the approval projection by January 10, 2024 it becomes a reality.
At the time of writing, bitcoin is trading at around $37,300, up more than 2% in the last 24 hours according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/11/Grayscale-Files-Updated-Spot-ETF-as-Bitcoin-Barrels-Surpass-37000" alt="Tradingview.com bitcoin Price Chart (Grayscale Spot ETF)” width=”2650″ height=”1530″ loading=”lazy”/>
btc price above $37,400 | Source: BTCUSD on Tradingview.com
Featured image of Regtech Africa, chart from Tradingview.com
