♨️The Bitcoin community is keeping a close eye on the Securities and Exchange Commission (SEC) closed-door meeting scheduled for November 2, as minis could hint at potential approval of a spot Bitcoin Exchange-Traded Fund (ETF). This speculation was fueled by the SEC's recent decision not to challenge a court decision supporting Grayscale's bid to convert its Bitcoin Trust into an ETF.

Scott Johnsson, attorney  at Davis Polk, highlighted the meeting via a tweet on the social media platform X (formerly known as Twitter), which will discuss the administrative process and litigation claims.

This anticipation comes after the ProShares Bitcoin Strategy ETF (BITO), became the fastest ETF to reach the $1 billion mark. Prior to BITO's launch, a leak from an SEC meeting reported by Bloomberg indicated readiness to allow the first US Bitcoin futures ETF under mutual fund rules. Johnsson suggested that a similar leak may have occurred regarding the Grayscale spot Bitcoin ETF.

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