News

SEC engages with Grayscale for Bitcoin ETF approval

Published

5 months ago

November 22, 2023

Grayscale Investments met with the Securities and Exchange Commission (SEC) to try to get their approval for their plan to turn the Grayscale Bitcoin Trust into a spot bitcoin exchange-traded fund (ETF).

Grayscale’s asset manager recently met with representatives from the Securities and Exchange Commission’s Division of Trading. There were several potential listing difficulties for shares of the Grayscale Bitcoin Trust that were discussed during the meeting.

According to this, the asset manager is still working toward obtaining permission for a spot bitcoin exchange-traded fund (ETF).

The recent meeting happened after a D.C. circuit court issued an official mandate last month, which backed up the decision it made in August. The court has instructed the SEC to conduct a thorough review of Grayscale’s application.

As a result, Grayscale has taken further action by submitting a new filing to the SEC. Their goal is to convert the Grayscale Bitcoin Trust into a spot Bitcoin ETF, which is reflected in their new registration statement.

The asset manager is reportedly relentless in seeking regulatory permission for the change. Grayscale has been proactive in addressing potential concerns and promoting constructive conversation, as demonstrated by their recent meeting with the SEC.

This could potentially pave the way for more investment vehicles similar to this one, leading to greater integration of digital assets into traditional financial markets.

The cryptocurrency market is facing increasing legal scrutiny, prompting regulatory bodies to collaborate with industry participants in establishing comprehensive and transparent rules and regulations.

The discussions between Grayscale and the Securities and Exchange Commission (SEC) play a crucial role in fostering an ongoing and meaningful dialogue between the cryptocurrency industry and regulatory authorities.