Following the U.S. Court of Appeals for the D.C. Circuit’s recent mandate to the U.S. Securities and Exchange Commission (SEC) on revisiting Grayscale application for approval of a spot Bitcoin ETF, the agency could potentially be preparing for a high-level discussion on the same.
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US SEC Closed Door Meeting
The Commission has scheduled a closed meeting with officials ranging from Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries to review settlement and resolution claims. The US SEC closed door meeting comes after the recent passing of the deadline to appeal against the court order from August 29, 2023 in favor of converting the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.
Also, the Court had on October 23, 2023 ordered the agency to revisit the Grayscale ETF decision, stressing on the similarities between Grayscale’s proposition and the already sanctioned Bitcoin futures ETFs.
The Commission’s notice for November 2, 2023 meeting said,
The subject matter of the closed meeting will consist of the following topics:
Institution and settlement of injunctive actions;
Institution and settlement of administrative proceedings;
Resolution of litigation claims and
Other matters relating to examinations and enforcement proceedings.
In the meeting, whether or not the SEC will look to seek the Court’s acceptance for longer time before taking a decision remains to be seen. The passing of the October 13, 2023 deadline has already set the stage for a time bound approval process for the United States’ first ever spot Bitcoin ETF approval.
Will Grayscale Be First Of Many?
While the wider market opinion is that the US SEC would approve all the existing spot ETF filings at once, the Grayscale application has an edge over others in terms of timeline, thanks to the August 2023 court order dismissing the SEC’s argument on not approving the ETF filing. Earlier, CoinGape reported encouraging comments from Mike Novogratz, CEO of Galaxy Digital. Novogratz had on October 18, 2023 said that the Bitcoin spot ETF is expected to receive approval from the SEC anytime in 2023.
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