The post Grayscale to Start Spot Bitcoin ETF Discussions With SEC Soon appeared on BitcoinEthereumNews.com.

On Friday, October 13, the U.S. Securities and Exchange Commission (SEC) stated that it won’t proceed with challenging the court ruling allowing Grayscale to convert its GBTC product to a spot Bitcoin ETF. In August, the District of Columbia Court of Appeals in Washington made a pivotal decision, ruling that the SEC’s rejection of Grayscale’s proposed bitcoin ETF was unjust. This landmark case has been under intense industry scrutiny, as it reflects a decade-long endeavor by the crypto industry to introduce such products. The SEC’s choice not to pursue an appeal appears to clear the path for the agency to reconsider Grayscale’s application, reported Reuters. Bloomberg’s senior ETF analyst James Seyffart mentioned that discussions between Grayscale and the SEC are slated to commence next week, with a new SEC response expected within the next two weeks. He also stated that the US SEC is unlikely to appeal the court ruling in the Supreme Court. 1. Done deal I guess if this is accurate. No en banc application 2. No. I do not think they will appeal to the Supreme Court either. 3. Dialogue between Grayscale and SEC should begin next week. Hoping for more info on next steps sometime next week or week after? https://t.co/2EayzqeKGq — James Seyffart (@JSeyff) October 13, 2023 Grayscale spot Bitcoin ETF Coming Soon? Along with Grayscale, there have been several other players in the market who have applied to bring the spot Bitcoin ETF. This includes giants like BlackRock, Valkyrie, WisdomTree, Ark Invest, and others. According to Bloomberg analysts Eric Balchunas and James Seyffart, the likelihood of a spot Bitcoin exchange-traded fund (ETF) gaining approval by January 2024 is estimated at 90%. They based this prediction on recent amendments to the spot Bitcoin ETF prospectus submitted by Ark Invest and 21Shares, which suggest constructive interactions…

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Filed under: News - @ October 14, 2023 1:12 pm