The SEC is preparing to reconsider Grayscale's ETF application. As you may know, this decision came after the SEC lost its case against Grayscale and chose not to appeal.
Recently, there has been an increase in trading volumes for Grayscale's GBTC and ProShares' BITO. Traditional finance giants have entered into significant competition in the crypto sector. The key question on everyone's mind is whether the SEC will approve Grayscale first or give the green light to all companies with pending applications simultaneously.
November 2 SEC Meeting On November 2, the SEC is organizing a special meeting that brings together commission members, legal experts, and high-level officials. The agenda for the meeting includes topics related to settlement requests, administrative actions, case resolutions, reviews, and enforcement proceedings. The meeting also indicates the SEC's commitment to a detailed reevaluation of Grayscale's ETF proposal.
Renowned attorney Scott Johnsson emphasized the importance of the SEC's November 2 meeting for the approval of a Bitcoin ETF. Johnsson interprets the fact that the SEC did not oppose the court's decision supporting the transformation of Grayscale's GBTC into a Bitcoin ETF as a signal that the meeting may result in a positive decision in this regard. However, it's still important to remain cautious as the news remains uncertain. This development has the potential to significantly impact the cryptocurrency market.
Many observers closely monitoring the market believe that the SEC could simultaneously and collectively approve all existing ETF applications without giving priority to any single application.
However, ETF analyst Dave Nadig raised the possibility of a sudden change in SEC Chair Gary Gensler's stance on ETFs. Bloomberg's ETF analysts described such a change in attitude as "amazingly sadistic." #BitcoinETFs #SEC #GaryGensler
