SEC Meets Grayscale Again on Spot Bitcoin ETF Discussion
The Securities and Exchange Commission (SEC) is ramping up discussions around the hot topic of spot Bitcoin ETFs with its recent meeting with Grayscale. The commission has been meeting separately this week with both BlackRock and Grayscale about prospective proposals.
- The SEC met with BlackRock and Grayscale this week.
- Part of 25 total ETF applicant meetings recently
- Signaling potential for approval decisions in early 2023
Frequent Bitcoin ETF Talks Signal Positivity
Bloomberg ETF analyst James Seyffart revealed in a tweet that Grayscale, a prominent digital asset management firm, met with the SEC on December 19 to discuss the Grayscale Bitcoin Trust (GBTC).
Read more: Judge Denies Bankman-Fried Bid To Delay Sentencing Process
The focus of the conversation revolved around the proposed rule change by NYSE Arca, Inc., seeking approval to list and trade shares of GBTC under NYSE Arca Rule 8.201-E.
While the SEC retains the authority to deny crypto ETFs, there is growing anticipation within the industry that these funds might receive approval in the United States early next year.
The regulator, after postponing decisions on various Bitcoin ETFs in recent months, could potentially unveil its stance on multiple applications simultaneously.
A tweet from Seyffart also underscored the extensive nature of the SEC’s recent engagements. The tweet revealed that the regulator also met with BlackRock on December 19. This meeting with Grayscale marks the 25th interaction between the SEC and Bitcoin ETF applicants.
Notably, the SEC has engaged with BlackRock and Grayscale five times each, highlighting the significance of these industry leaders in shaping the discourse around crypto ETFs.
Read more: UK Unveils Next Steps For Digital Securities Sandbox
The frequency of these meetings signals a heightened level of interest and deliberation within the SEC. Previous meetings with Grayscale occurred on December 8, November 29, and November 20.
A Bitcoin ETF approval would give a boost to wider cryptocurrency legitimacy and mainstream comfort levels while providing accessible exposure to leading digital assets.
