#BTC The SEC will review Grayscale's Bitcoin ETF application again, following a court order.The SEC is holding a private meeting on November 2 to discuss important topics, including Grayscale's ETF proposal.Market observers are closely monitoring the situation, with some expecting the SEC to approve the #bitcoinetf this year.The United States Securities and Exchange Commission (SEC) is preparing to take another look at Grayscale’s application for a #Bitcoinexchange -Traded Fund (ETF). This update comes following a recent order from the U.S. Court of Appeals, which suggests a potential change in the SEC’s position on cryptocurrency investments.Trading volumes for Grayscale’s GBTC and ProShares’ BITO have recently surged. Major companies are now entering the competition. The key question remains: Will the SEC approve Grayscale alone, or will all applicants get the green light together?Details of the Upcoming MeetingThe SEC has organized a private meeting, bringing together top officials, including Commissioners, legal experts, and recording secretaries. The meeting’s agenda covers important topics such as settlement claims, administrative proceedings, litigation resolutions, and matters related to examinations and enforcement proceedings. This demonstrates the SEC’s commitment to thoroughly reviewing Grayscale’s ETF proposal.However, this development stems from a significant court order in late August, favoring the conversion of the Grayscale Bitcoin Trust (#gbtc ) into a Bitcoin ETF. The passing of the October 13 deadline has now set a clear timeline for the approval process of what could become the first U.S. Bitcoin ETF.Speculation and Talk: What Should We Expect? Mixed ViewsMarket observers are closely monitoring this situation, with some expecting that the SEC might collectively approve existing ETF applications. Grayscale’s application, supported by a favorable court order, stands out in terms of timing and regulatory disposition. Mike Novogratz, CEO of Galaxy Digital, is optimistic and predicts that the Bitcoin ETF may secure SEC approval this year.But some, like Dave Nadig, fear that SEC Chair Gary Gensler could unexpectedly reverse his stance, a move described as “Gensler semi-comedic rug-pull.” Bloomberg’s ETF analysts also view such a reversal as “amazingly sadistic.”Prepare for a roller-coaster rideAttorney Scott Johnsson acknowledges the looming threat of a sudden change in regulatory direction. As of the current moment, Bitcoin is trading at $34,314. The uncertain regulatory environment continues to be a concern for the cryptocurrency market.We want to hear from you! What are your predictions for the future of Bitcoin ETFs?#lastpass

Morgan Stanley analysts stated in a recent report that if Grayscale does not effectively reduce fees, more funds may flow out of GBTC. BlackRock charges only 0.12% in fees, Fidelity charges 0.25%, Cathie Wood's Ark Invest fund currently has no fees and will rise to 0.21% after six months, while Grayscale GBTC's management fee is 1.5%. The report shows that Grayscale's current difficulties are not limited to fees, as the difference between GBTC's stock price and the net asset value per share at the close, as well as the "Hui-Heubel liquidity ratio" representing market breadth, are both behind BlackRock and Fidelity.
#bitcoinetf

Crypto asset manager Valkyrie has filed for a spot Bitcoin ETF while listing Coinbase as an SSA counterpart. Moreover, following similar filings, the firm has included the Surveillance Sharing Agreement (SSA) to better comply with the US Securities and Exchange Commission (SEC) standards.

The rise in Spot Bitcoin ETF filings has been notable since BlackRock initially filed this month. Subsequently, fellow asset management behemoth Fidelity filed suit. Additionally, both utilized Coinbase in their SSA proposals. Specifically to combat initial SEC responses to the filings. 

Valkyrie Files for Spot Bitcoin ETF

The digital asset industry was surprised this month when asset management firm BlackRock filed for a Spot Bitcoin ETF. Thereafter, the industry was even more surprised when a fellow firm, Fidelity, also opted to enter the Bitcoin ETF race. Subsequently, the entry of two large names in traditional finance has seemingly increased the ETF race that is currently ongoing. 

Now, crypto asset manager Valkyrie has filed for a Spot Bitcoin ETF. Moreover, they have also noted Coinbase as an SSA counterpart. The decision is set to counter various SEC concerns over the potential market manipulation of the offering. Something that Coinbase’s inclusion will hopefully address. 

Bloomberg Analyst Eric Balchunas noted that Valkyrie has re-filed a 19b-4 form, similar to BlackRock. Indeed, Balchunas noted that their inclusion of the SSA agreement “seems more aggressive” in its wording. Moreover, he noted that they refer to Coinbase as the “largest,” spot Bitcoin exchange.

Valkyrie is yet another name that has sought entry into the Bitcoin ETF market. Yet, the product’s arrival will ultimately depend on the decisions made by the SEC. To this point, the regulatory agency has yet to approve the creation of a spot Bitcoin ETF. Now, only time will tell if that changes with the flurry of applications that have been submitted in recent weeks. 

#Coinbase #bitcoinetf

#Valkyrie

BlackRock, Nasdaq, and the SEC have met for the second time to discuss rule changes required for listing a Bitcoin ETF.The meeting focused on Nasdaq Rule 5711(d), which outlines criteria for listing Commodity-Based Trust Shares, with an emphasis on surveillance and compliance to mitigate market manipulation risks.
Advancing Towards a Bitcoin ETF Listing
In a move signaling progress towards the listing of a Bitcoin exchange-traded fund (ETF), representatives from financial giant BlackRock, global exchange operator Nasdaq, and the U.S. Securities and Exchange Commission (SEC) have convened for their second meeting within a month. This gathering underscores the growing efforts to integrate Bitcoin into mainstream financial markets.
Deliberating on Key Regulatory Requirements
The focal point of the discussion was Nasdaq Rule 5711(d), a crucial regulatory framework that establishes the criteria for listing and trading Commodity-Based Trust Shares, such as a potential Bitcoin ETF, on the Nasdaq Exchange. This rule encompasses detailed requirements for initial and continued listing, alongside stringent surveillance and compliance measures aimed at ensuring market integrity and safeguarding against fraudulent activities.
Mitigating Market Manipulation Concerns
A key aspect of the meeting revolved around the inclusion of a surveillance-sharing agreement, a measure designed to address the SEC’s concerns about the risks of market manipulation in crypto trading. This agreement is crucial for gaining regulatory approval, as it demonstrates a commitment to maintaining a fair and transparent trading environment for the proposed Bitcoin ETF.
BlackRock’s Revised ETF Proposal
Recently, BlackRock revised its spot Bitcoin ETF proposal to include cash redemptions, a modification aimed at aligning with the SEC’s preferences. This change reflects BlackRock’s adaptability and willingness to meet regulatory standards, potentially paving the way for the SEC’s approval of their ETF application.
Implications for Bitcoin’s Future
The potential listing of a Bitcoin ETF holds significant implications for the cryptocurrency market. As noted by MicroStrategy CEO Michael Saylor in a recent Bloomberg TV interview, the approval of Bitcoin ETFs could mark a major development for Wall Street. Saylor anticipates that such an event could trigger a substantial bull run for Bitcoin in 2024, driven by increased demand and a consequent supply shock.
In conclusion, the collaborative efforts of BlackRock, Nasdaq, and the SEC in navigating the complexities of ETF listing regulations signify a crucial step towards the integration of Bitcoin into conventional financial frameworks. This development not only reflects the growing acceptance of cryptocurrencies but also highlights the evolving landscape of financial regulation in the digital age.

⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#bitcoinetf #BlackRock

The social market Friendzone has started operating on the Polygon PoS blockchain and plans to expand to Polygon zkEVM (another blockchain developed by Polygon developers) later. It is reported that Friendzone was created by early team members of Band Protocol, Synthetix, and Koinly, and is aimed at the social application field.
#bitcoinetf

HashKey Exchange announced that Huake Intelligent Investment Co., Ltd. ("Huake Intelligent Investment"), a Hong Kong-listed company, plans to open an account with HashKey Exchange in the name of its wholly-owned subsidiary in the fourth quarter.
Huake Intelligent Investment's move reflects its affirmation and attention to the development prospects of the Web3 industry. HashKey Exchange stated that the platform will provide secure, professional, and compliant digital asset trading services to Huake Intelligent Investment.
Huake Intelligent Investment plans to officially settle on the HashKey Exchange platform and conduct digital asset trading in the fourth quarter. In the future, HashKey Exchange will explore potential opportunities for in-depth cooperation with Huake Intelligent Investment, innovate in security and compliance, and provide users with safer and more convenient channels for digital asset investment.
As the regulatory environment becomes clearer, HashKey Exchange expects more high-quality institutions in the real economy to join the digital asset industry.
#bitcoinetf