Finally Grayscale & the American financial regulator are in one to one meeting to swap GBTC into Bitcoin spot ETF product.
Grayscale is a popular digital assets fund manager that provides investment in flagship crypto assets through its centralized funds e.g. Green Bitcoin (GBTC), Ethereum Trust, etc. This firm is one of the subsidiaries of Digital Currency Group (DCG) which has been under huge controversy over the company’s actual financial position.
According to CoinDesk, Grayscale is currently in discussion with the United States Securities and Exchange Commission (SEC) to discuss the company’s Bitcoin spot ETF application which was rejected by the SEC body in the past.
The report failed to provide any critical information related to the meeting between Grayscale and the SEC body but we can assume this information is true because Coindesk is also a subsidiary of the DCG firm just like Grayscale.
Grayscale leaders will discuss the company’s GBTC fund with the SEC’s Division of Trading and Markets and the Division of Corporation Finance. Probably it will be focussed on the application review.
Reportedly Grayscale CEO said that he is optimistic with this dialogue with the SEC and expecting no road bump in the Bitcoin spot ETF application approval.
Grayscale vs SEC
In Q2 of this year, Grayscale sued the SEC body over its rejection of its Bitcoin spot ETF application for no reason. At the time, the majority of the experts predicted Grayscale’s 50% winning chances against the SEC.
In August of this year, a three-judge panel of the D.C. Circuit Court of Appeals unanimously sided with Grayscale and ordered the SEC to review Grayscale’s application.
Later some reports claimed that the SEC would appeal against the court ruling but strangely the SEC body decided not to appeal and it seems that Grayscale is very near to converting its GBTC into an ETF product.
Read also: Bitcoin hits $37,000 despite US SEC intends to stop Bitcoin ETF launch: What is the next move?
Grayscale is in talks with the SEC for Bitcoin spot ETF approval
https://bitcoinik.com/grayscale-is-in-talks-with-the-sec-for-bitcoin-spot-etf-approval/feed/
https://bitcoinik.com/grayscale-is-in-talks-with-the-sec-for-bitcoin-spot-etf-approval/feed/
