The SEC has been asking prospective issuers to give well-detailed descriptions of their various spot Bitcoin ETF products.
The Grayscale CEO said that they have engaged in meaningful conversations with the SEC, and the dialogue suggests that the regulator is eager to make the progress.
All accounts that advertise Cryptocurrency Coin Trusts must adhere to these guidelines, regardless of their geographical location.
The US SEC has delayed its decision on converting Grayscale’s ETHE product to a spot Ethereum ETF by another 45 days with the next hearing on January 25, 2024.
Market analysts interpret these recent filings as indications of the ongoing collaborative efforts between the SEC and major issuers to navigate the regulatory landscape.
While the SEC has yet to greenlight any spot ETF applications, the new filings lend further credence to the likelihood of a spot Bitcoin ETF approval soon.
Franklin Templeton president and CEO Jenny Johnson said that they have actively integrated blockchain into their business model and that she’s personally overseeing developments linked to cryptocurrencies.
For many crypto enthusiasts and market participants, all indications point to the fact that Bitcoin could hit over $60,000 by April 2024.
SEC’s discussion with top applicants of spot Bitcoin ETF continue as BTC price has rallied past $41,532 in a fresh surge.
With the heightened crypto regulatory crackdown and the US SEC’s change of attitude towards the industry, Bloomberg analyst argues all 12 applications will be approved in early January.
Bloomberg ETF analyst James Seyffart estimates that the SEC’s decision deadline for Fidelity will likely be January 21, 2024, with the final decision expected on March 8, 2024.
Pando has named the Bank of New York Mellon as the official administrator of the ETF.
Grayscale is hoping that the proposed changes to GBTC’s Trust Agreement would help both the company and GBTC to achieve operational efficiencies.
The revised proposal allows the ETF to utilize both in-kind and cash mechanisms. The ETF plans to store Bitcoin in cold storage, with custody services provided by Coinbase Custody Trust.
The update from the SEC appears to suggest that it plans to approve all Bitcoin exchange-traded funds (ETFs) at once.