United

Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

<p>The post <a rel="nofollow" href="https://coinpedia.org/news/us-secs-grayscale-bitcoin-etf-decision-looms-whats-brewing-in-the-crypto-regulatory-arena/">Bitcoin ETF Watch: SEC Meeting Could Bring Big News on November 2!</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The <a href="https://coinpedia.org/news/gensler-fuels-hope-for-bitcoin-etf-approval-says-8-10-applications-under-review/">United States Securities and Exchange Commission (SEC)</a> is preparing to take another look at Grayscale’s application for a <a href="https://coinpedia.org/news/gary-genslers-2019-remarks-resurface-highlighting-inconsistency-in-secs-stance-on-bitcoin-etfs/">Bitcoin Exchange-Traded Fund (ETF)</a>. This update comes following a recent order from the U.S. Court of Appeals, which suggests a potential change in the SEC’s position on cryptocurrency investments.</p> 
<p>Trading volumes for Grayscale’s GBTC and ProShares’ BITO have recently surged. Major companies are now entering the competition. The key question remains: Will the SEC approve Grayscale alone, or will all applicants get the green light together?</p> 
<h2 class="wp-block-heading" id="strong-details-of-the-upcoming-meeting-strong"><strong>Details of the Upcoming Meeting </strong></h2> 
<p>The SEC has organized a private meeting, bringing together top officials, including Commissioners, legal experts, and recording secretaries. The meeting’s <a href="https://www.sec.gov/os/sunshine-act-notices/sunshine-act-notice-closed-11022023">agenda</a> covers important topics such as settlement claims, administrative proceedings, litigation resolutions, and matters related to examinations and enforcement proceedings. This demonstrates the SEC’s commitment to thoroughly reviewing Grayscale’s ETF proposal.</p> 
<p>However, this development stems from a significant court order in late August, favoring the conversion of the <a href="https://coinpedia.org/news/how-ftxs-decision-to-liquidate-gbtc-holdings-may-affect-its-discount/">Grayscale Bitcoin Trust (GBTC)</a> into a Bitcoin ETF. The passing of the October 13 deadline has now set a clear timeline for the approval process of what could become the first U.S. Bitcoin ETF.</p> 
<p>Also Read: <a href="https://coinpedia.org/news/crypto-investment-inflows-hit-15-month-high-on-bitcoin-etf-hopes/">Crypto Investment Inflows Hit 15-Month High on Bitcoin ETF Hopes</a></p> 
<h2 class="wp-block-heading" id="speculation-and-talk-what-should-we-expect">Speculation and Talk: What Should We Expect?</h2> 
<p>Notable attorney Scott Johnsson suggests a potential clue about the SEC approving a Bitcoin ETF on November 2. This speculation arises from the SEC’s lack of opposition to a court judgment favoring the <a href="https://coinpedia.org/crypto-live-news/grayscale-makes-new-filing-to-convert-gbtc-into-bitcoin-etf-with-sec/">conversion</a> of Grayscale’s Bitcoin Trust (GBTC) into a Bitcoin ETF. </p> 
<p>Johnsson places significant emphasis on an upcoming private meeting scheduled for November 2, although the news remains uncertain. This development has the potential to significantly impact the cryptocurrency market.</p> 
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   <p lang="en" dir="ltr">November 2 – I believe this is the first closed meeting of the Commissioners since Grayscale appeal deadline expired and the mandate was delivered. Agenda includes resolving litigation claims and admin proceedings. There were leaks out of the closed meeting ahead of BITO launch. <a href="https://t.co/Qacti8Oslh">pic.twitter.com/Qacti8Oslh</a></p>— Scott Johnsson (@SGJohnsson) <a href="https://twitter.com/SGJohnsson/status/1719051434652487697?ref_src=twsrc%5Etfw">October 30, 2023</a>
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<h2 class="wp-block-heading" id="h-mixed-views">Mixed Views</h2> 
<p>Market observers are closely monitoring this situation, with some expecting that the SEC might collectively approve existing ETF applications. Grayscale’s application, supported by a favorable court order, stands out in terms of timing and regulatory disposition. Mike Novogratz, CEO of Galaxy Digital, is optimistic and predicts that the Bitcoin ETF may secure SEC approval this year.</p> 
<p>But some, like Dave Nadig, fear that SEC Chair Gary Gensler could unexpectedly reverse his stance, a move described as “Gensler semi-comedic rug-pull.” Bloomberg’s ETF analysts also view such a reversal as “amazingly sadistic.” </p> 
<p>Read More: <a href="https://coinpedia.org/news/amid-bitcoin-etf-frenzy-raoul-pal-says-ethereum-spot-etf-will-happen-as-well/">Ethereum Spot ETFs Are Coming Soon, Predicts Raoul Pal</a></p> 
<p><strong>Prepare for a roller-coaster ride</strong></p> 
<p>Attorney Scott Johnsson <a href="https://twitter.com/SGJohnsson/status/1719115496295903432">acknowledges </a>the looming threat of a sudden change in regulatory direction. As of the current moment, Bitcoin is trading at $34,314. The uncertain regulatory environment continues to be a concern for the cryptocurrency market.</p> 
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   <p lang="en" dir="ltr">Ha, I've been spending weeks/months trying to imagine a way to make sense of this process and result in a Gensler rug. It's been difficult… but the threat always looms.</p>— Scott Johnsson (@SGJohnsson) <a href="https://twitter.com/SGJohnsson/status/1719115496295903432?ref_src=twsrc%5Etfw">October 30, 2023</a>
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<p><strong>We want to hear from you! What are your predictions for the future of Bitcoin ETFs?</strong></p>

Bitcoin ETF Watch: SEC Meeting Could Bring Big News on November 2!

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