Spot ETF Update (Patreon)

Published:

2023-11-08 22:16:11

Imported:

2023-11

Tags:

Bitcoin Bullish SPOT ETF

Content

The U.S. Securities and Exchange Commission (SEC) is in discussions with Grayscale Investments about converting its GBTC trust product into a spot bitcoin exchange-traded product (ETF). This process follows Grayscale's successful court challenge against the SEC's initial rejection of their ETF application.
Grayscale's effort is seen as a significant milestone for the crypto industry, potentially easing the way for everyday investors to access digital assets. The company is in talks with both the SEC's Division of Trading and Markets and the Division of Corporation Finance.
The SEC divisions involved are key to shaping and approving Grayscale's ETF application. This comes after a U.S. federal court found the SEC's initial rejection of the ETF to be "arbitrary and capricious," leading to the reevaluation of the application.
Grayscale's Chief Legal Officer, Craig Salm, emphasized the company's focused reengagement with the SEC's Division of Trading and Markets. Despite no specific details being provided, there is an air of optimism, with Salm suggesting it's a matter of "when, not if" for the ETF's approval, noting similar progress by other financial giants like BlackRock and Fidelity in their own ETF applications.