“The US SEC’s decision to revisit Grayscale Bitcoin ETF filing on November 2 signals a potential shift towards embracing digital assets as a legitimate investment avenue, paving the way for increased mainstream adoption and unlocking new opportunities in the cryptocurrency market.”
Following the recent mandate from the U.S. Court of Appeals for the D.C. Circuit, the U.S. Securities and Exchange Commission (SEC) may be preparing for a high-level discussion on Grayscale’s application for a spot Bitcoin ETF. The agency has scheduled a closed meeting to review settlement and resolution claims, which comes after the deadline to appeal against the court order in favor of converting the Grayscale Bitcoin Trust into a spot Bitcoin ETF. The court had also ordered the SEC to revisit the Grayscale ETF decision, noting the similarities between Grayscale’s proposition and the already sanctioned Bitcoin futures ETFs.
The subject matter of the closed meeting includes the institution and settlement of injunctive actions, administrative proceedings, resolution of litigation claims, and other matters relating to examinations and enforcement proceedings. It remains to be seen whether the SEC will seek the Court’s acceptance for more time before making a decision.
The passing of the October 13 deadline has set the stage for a time-bound approval process for the United States’ first-ever spot Bitcoin ETF approval. While the market opinion is that the SEC would approve all existing spot ETF filings at once, the Grayscale application has an advantage in terms of timeline due to the court order dismissing the SEC’s argument against approving the ETF filing.
Mike Novogratz, CEO of Galaxy Digital, has expressed optimism about the approval of a Bitcoin spot ETF, stating that it is expected to receive approval from the SEC anytime in 2023.
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