As the buzz around the potential approval of spot Bitcoin Exchange Traded Fund (ETF) grows steadily, U.S. Securities and Exchange Commission (SEC) reportedly had a meeting with Grayscale representatives.
Bitcoin ETF approval on the way?
According to memos published this week, key representatives from the U.S. Securities and Exchange Commission’s (SEC) Division of Trading and Markets engaged in a crucial meeting with Grayscale Investments on November 29, 2023. The memo suggests that the discussion was the around proposed rule change submitted by NYSE Area, Inc., aiming to list and trade shares of the Grayscale Bitcoin Trust (BTC) under NYSE Area Rule 8.20I-E.
It mentioned that David Shillman, Eric Juzenas, Randall Roy, Molly Kim, Sarah Schandler, Stacia Sowerby, and David Remus, all representing the Division of Trading and Markets were present at the crucial meeting. However, Michael Sonnenshein, Ed McGee, Craig Salm, John Hubbard and others were presenting the Grayscale Investments in the meeting.
It is important to note that if the proposed rule change gets approved by the authority, it could pave the way for the listing and trading of Grayscale Bitcoin Trust (BTC) shares. This will allow investors an additional avenue for exposure to the crypto market.
Such crucial meetings between regulatory bodies like the SEC and industry stakeholders stand as crucial insights for the market. However, the commission is formally engaging with asset managers ahead of a much anticipated decision on whether the regulator will approve a bitcoin ETF.
BTC eyes $40K
However, Bitcoin enthusiasts are eyeing a $40k target as the biggest cryptocurrency wraps up a year of over 130% gains. This has managed to outpace traditional investments comparatively. Jumping on the hopes for Federal Reserve interest-rate cuts and expectations of the first US spot Bitcoin exchange-traded funds, Bitcoin is riding on a high tide.
Bloomberg Intelligence anticipates SEC approval for a wave of US spot Bitcoin ETFs by January, though potential shifts in interest rates or ETF complications remain as risk factors.
