Following the U.S. Court of Appeals for the D.C. Circuit’s latest mandate to the U.S. Securities and Exchange Commission (SEC) on revisiting Grayscale software for approval of a spot Bitcoin ETF, the company may doubtlessly be making ready for a high-level dialogue on the identical.
US SEC Closed Door Meeting
The Commission has scheduled a closed assembly with officers starting from Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries to evaluate settlement and determination claims. The US SEC closed door assembly comes after the latest passing of the deadline to enchantment in opposition to the courtroom order from August 29, 2023 in favor of changing the Grayscale Bitcoin Trust (GBTC) right into a spot Bitcoin ETF.
Also, the Court had on October 23, 2023 ordered the company to revisit the Grayscale ETF choice, stressing on the similarities between Grayscale’s proposition and the already sanctioned Bitcoin futures ETFs.
The Commission’s notice for November 2, 2023 assembly stated,
The material of the closed assembly will encompass the next matters:
Institution and settlement of injunctive actions;
Institution and settlement of administrative proceedings;
Resolution of litigation claims and
Other issues regarding examinations and enforcement proceedings.
In the assembly, whether or not or not the SEC will look to hunt the Court’s acceptance for longer time earlier than taking a choice stays to be seen. The passing of the October 13, 2023 deadline has already set the stage for a time certain approval course of for the United States’ first ever spot Bitcoin ETF approval.
Will Grayscale Be First Of Many?
While the broader market opinion is that the US SEC would approve all the present spot ETF filings directly, the Grayscale software has an edge over others by way of timeline, because of the August 2023 courtroom order dismissing the SEC’s argument on not approving the ETF submitting. Earlier, CoinGape reported encouraging feedback from Mike Novogratz, CEO of Galaxy Digital. Novogratz had on October 18, 2023 stated that the Bitcoin spot ETF is anticipated to obtain approval from the SEC anytime in 2023.
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