The US Securities and Exchange Commission (SEC) announced that Grayscale Investments and its trust product GBTC Bitcoin It was reported that negotiations began regarding its transformation into a publicly traded product (ETF).
This development follows Grayscale’s recent court victory against the SEC and cryptocurrency could have significant implications for the industry.
Grayscale has been in contact with the SEC’s Division of Trading and Markets and Division of Corporate Finance since winning the court case. Both divisions will play a key role in shaping and approving Grayscale’s ETF application. The company’s chief legal officer, Craig Salm, said it was “focused on constructively re-engaging with the Trading and Markets Division” but did not provide further details.
Previously, the SEC rejected Grayscale’s application to launch an ETF directly containing crypto assets. This led to a federal court battle that ended with the court ruling that the SEC’s denial was “arbitrary and capricious.” The court ordered the SEC to reverse its denial, and the decision became final last month, placing the application back before the regulator.
Salm noted that there are still issues to be resolved, but expressed optimism about the progress made by other applicants for Bitcoin ETFs, including financial giants BlackRock and Fidelity. “Overall it has been a good interaction and it is no longer a matter of if, but a matter of when,” Salm said.
*This is not investment advice.
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