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October 31, 2023

SEC Prepares for High-Level Discussion on Spot Bitcoin ETF Approval

Natasha Fernandez
Written byNatasha FernandezWriter
Researched byNikos PapadopoulosResearcher

Introduction

The U.S. Securities and Exchange Commission (SEC) is gearing up for a high-level discussion on the approval of a spot Bitcoin ETF following a recent mandate from the U.S. Court of Appeals for the D.C. Circuit. This comes after the court ordered the SEC to revisit the Grayscale ETF decision, highlighting the similarities between Grayscale's proposition and the already sanctioned Bitcoin futures ETFs.

SEC Prepares for High-Level Discussion on Spot Bitcoin ETF Approval

Closed Door Meeting

The SEC has scheduled a closed meeting to review settlement and resolution claims. The meeting will involve officials ranging from Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries. This meeting follows the passing of the deadline to appeal against the court order in favor of converting the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.

The notice for the meeting states that the subject matter will include the institution and settlement of injunctive actions, administrative proceedings, resolution of litigation claims, and other matters relating to examinations and enforcement proceedings.

Time-Bound Approval Process

It remains to be seen whether the SEC will seek the Court's acceptance for a longer time before making a decision. However, the passing of the deadline has set the stage for a time-bound approval process for the United States' first-ever spot Bitcoin ETF approval.

Grayscale's Advantage

While the wider market opinion suggests that the SEC will approve all existing spot ETF filings at once, the Grayscale application has an edge in terms of timeline. The August 2023 court order dismissing the SEC's argument against approving the ETF filing has given Grayscale an advantage. CEO of Galaxy Digital, Mike Novogratz, has expressed optimism that the Bitcoin spot ETF will receive approval from the SEC sometime in 2023.

Conclusion

The SEC's preparation for a high-level discussion on the Grayscale Bitcoin ETF indicates progress towards the approval of a spot Bitcoin ETF in the United States. With the court order to revisit the Grayscale ETF decision and the passing of the deadline, the approval process is now time-bound. While the outcome of the closed meeting and the SEC's decision remain to be seen, the market is hopeful that the Grayscale application will pave the way for other spot ETF filings to be approved as well.

About the author
Natasha Fernandez
Natasha Fernandez
About

Natasha "CryptoQueen" Fernandez bridges the gap between blockchain buzz and casino charisma. From New Zealand's serene landscapes to the volatile world of crypto, she's making waves in the online gaming sphere. With CryptoCasinoRank, she paints a future where chips meet chains seamlessly.

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