Craig Salm, Grayscale Investments’ chief legal officer, recently expressed confidence in the future arrival of a spot bitcoin exchange-traded fund (ETF). His comments on SiriusXM radio followed the Securities and Exchange Commission’s (SEC) decision not to contest a court’s directive. The court had mandated the SEC to re-evaluate Grayscale’s application for transforming its prime GBTC fund into a spot bitcoin ETF. This decision marks significant progress, though it doesn’t guarantee immediate approval.
Moreover, Salm disclosed Grayscale’s active engagement in Washington. The focus is on two pivotal crypto regulatory bills. One targets stablecoin regulation, while the other offers a broader crypto framework. Both have successfully moved through the House Financial Services Committee, awaiting further deliberation. However, their fate in the Senate remains unclear.
Bitcoin ETF Rumors Spark Market Surge
Bitcoin’s market recently experienced turmoil due to misinformation. Rumors claimed the SEC had greenlit a spot bitcoin ETF, causing a surge towards $30,000. However, these claims were false, and the value stabilized near $28,000. This incident underscores the market’s sensitivity to regulatory developments.
Notably, Ark Invest CEO Cathie Wood had previously forecasted positive outcomes concerning the SEC’s stance on Bitcoin ETFs. These projections, coupled with current legislative movements, highlight the sector’s growing mainstream acceptance.
SEC’s Non-Appeal Leaves ETF Uncertain
Despite high hopes, several procedural strides must precede the launch of a spot Bitcoin ETF. The SEC’s decision against an appeal isn’t synonymous with approval. Consequently, while the atmosphere hints at forthcoming changes, anticipation should be tempered with realism.
Additionally, the crypto community is eyeing the legislative process closely. The advancement of related bills suggests increasing governmental acknowledgment of digital currencies. This recognition could significantly shape the landscape of crypto investments.
Read Also: Mike Novogratz Says SEC To Approve Spot Bitcoin ETF This Year
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