Bitcoin

Gary

Grayscale Bitcoin Trust

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<ul>
 <li>Grayscale’s proposal to convert GBTC into a spot bitcoin ETF faces hurdles with the SEC.</li>
 <li>While the SEC has not approved a spot bitcoin ETF, Grayscale’s move has prompted optimism in the industry.</li>
 <li>Big names like BlackRock and Fidelity have also submitted applications for spot funds.</li>
</ul>
<p><strong>Grayscale’s efforts to convert its Grayscale Bitcoin Trust into a spot bitcoin ETF have reignited debates and stirred industry optimism. With the SEC’s stance still unclear, the crypto community remains watchful.</strong></p>
<h2 id="strong-grayscale-s-stance-and-the-sec-s-silence-strong"><strong>Grayscale’s Stance and the SEC’s Silence</strong></h2>
<p>Grayscale, a major player in the crypto industry, stated it would refrain from commenting until the official deadline set by the SEC passes. SEC Chair, Gary Gensler, had also remained tight-lipped about a possible appeal, avoiding journalists’ queries during a press conference on Friday.</p>
<h2 id="strong-optimism-in-the-industry-strong"><strong>Optimism in the Industry</strong></h2>
<p>Even with a budding confidence that a spot bitcoin ETF might be on the horizon, several procedures and clearances are still required before its launch. The decision by the regulatory body not to appeal doesn’t necessarily indicate an impending approval. Jennifer Schulp of Cato Institute highlighted that rapid approval is uncertain, and the SEC might even start the legal battle afresh by denying the proposal on other grounds.</p>
<h2 id="strong-grayscale-s-previous-endeavors-strong"><strong>Grayscale’s Previous Endeavors</strong></h2>
<p>Last year, Grayscale initiated a legal battle against the SEC following the rejection of its proposal to transform its GBTC fund into a spot bitcoin ETF. During a session in March, Grayscale’s lead counsel, Don Verrilli, argued that the SEC’s approval of bitcoin futures ETFs and not spot bitcoin ETFs was contradictory. Subsequently, Grayscale sent a formal letter to the SEC, urging for a discussion about its Grayscale Bitcoin Trust’s transformation into a spot ETF. Grayscale’s lawyers expressed hope that the SEC would collaborate to ensure a swift listing of the Trust’s shares.</p>
<h2 id="strong-a-positive-wave-from-the-initial-ruling-strong"><strong>A Positive Wave from the Initial Ruling</strong></h2>
<p>Even though the SEC hasn’t officially approved a spot bitcoin ETF, the initial ruling on Grayscale’s proposal was perceived positively by the industry. This sentiment was bolstered by the flood of applications for spot funds from heavyweight entities like BlackRock and Fidelity. However, in a recent move, the SEC decided to postpone all spot bitcoin ETF applications, extending the commentary period and drawing out the approval process for another month at least.</p>
<h2 id="strong-insights-from-industry-leaders-strong"><strong>Insights from Industry Leaders</strong></h2>
<p>Sui Chung, CEO of Kraken’s subsidiary CF Benchmarks, commented earlier this month on the complexities surrounding the spot bitcoin ETFs. Highlighting the confidence exuded by major firms and stock exchanges in their filings, Chung posed a pertinent question: Does the SEC share this confidence?</p>
<h3 id="strong-conclusion-strong"><strong>Conclusion</strong></h3>
<p>While the quest for a spot bitcoin ETF continues, Grayscale’s persistent endeavors have magnified the discussions around it. With heavyweights in the industry lining up their applications, and the SEC’s stance still in flux, the crypto community remains hopeful yet cautious. The upcoming decisions will undeniably shape the future of spot bitcoin ETFs and potentially influence the wider acceptance of crypto in traditional financial markets.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/bitcoin-climbs-sec-opts-out-of-grayscale-ruling-appeal-as-week-ends/">Bitcoin Climbs: SEC Opts Out of Grayscale Ruling Appeal as Week Ends</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>
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Bitcoin Climbs: SEC Opts Out of Grayscale Ruling Appeal as Week Ends

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