Grayscale’s GBTC operates as a spot bitcoin exchange-traded product (ETP), more commonly known as an ETF. The SEC’s involvement in negotiations with Grayscale signifies a critical step in the potential approval of several ETFs for the crypto industry. The entry of ordinary investors into the digital assets space could be simplified if the approval is granted. To alter this course, Grayscale has been in communication with both the SEC’s Division of Trading and Markets and the Division of Corporation Finance; however, experts have been informed that the exact conversations are confidential until the SEC has made its decision.
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Craig Salm, Grayscale’s chief legal officer, emphasised the company’s focus on constructive engagement with the SEC’s Division of Trading and Markets. Salm, while acknowledging there are still some details to be worked out, expressed optimism.
Overall, it’s been [a] good engagement, and it’s a matter of when, not a matter of if anymore.
SEC Chair Gary Gensler also refrained from disclosing the commission’s next steps regarding Grayscale’s application and others, citing the need to wait for staff recommendations. In the…