Grayscale Bitcoin Trust’s ETF Aspirations Gain Momentum Following SEC Meeting

In a pivotal meeting between Grayscale’s top executives and officials from the SEC’s Division of Trading and Markets, discussions centered around the proposed listing and trading of shares for the Grayscale Bitcoin Trust (BTC) under NYSE Arca Rule 8.201-E. This comes amidst a backdrop of legal confrontations and efforts to secure regulatory approval for Grayscale’s Bitcoin ETF aspirations.

The latest development stems from the U.S. Court of Appeals’ directive to the SEC, instructing a review of Grayscale’s spot Bitcoin ETF application. This follows Grayscale’s legal action against the regulator over the denial of converting GBTC into a Bitcoin ETF. The court sided with Grayscale in August, pointing out the SEC’s inconsistent judgment concerning similar Bitcoin futures ETF products.

The court’s unanimous decision highlighted the SEC’s failure to provide a coherent rationale for approving Bitcoin futures ETPs while rejecting Grayscale’s proposal. Critically, the judges labeled the disparate treatment of comparable products as “unlawful” due to the absence of a clear explanation from the SEC.

Grayscale’s recent move involves a strategic submission of an S-3 filing with the SEC, leveraging the registration of its shares under the Securities Exchange Act of 1934 since January 2020. Emphasizing readiness for ETF operations, Grayscale outlined specific prerequisites: regulatory approvals from NYSE Arca via the 19b-4 application, an exemption or Regulation M relief, and the SEC’s declaration of effectiveness for the S-3 form.

This unfolding narrative showcases Grayscale’s assertive pursuit of regulatory green lights to transition its Bitcoin Trust into an ETF, laying the groundwork for potential significant shifts in the cryptocurrency investment landscape.

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