{"id":177339,"date":"2023-10-19T20:36:23","date_gmt":"2023-10-19T15:06:23","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=177339"},"modified":"2023-10-19T20:36:23","modified_gmt":"2023-10-19T15:06:23","slug":"sec-faces-grayscales-new-bitcoin-etf-ambition-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/sec-faces-grayscales-new-bitcoin-etf-ambition-crypto-news\/","title":{"rendered":"SEC Faces Grayscale’s New Bitcoin ETF Ambition – Crypto News"},"content":{"rendered":"

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Grayscale<\/span><\/a> Investments is forging ahead with its plans to launch a spot Bitcoin ETF following the SEC\u2019s decision not to contest an August court verdict. This development marks a significant phase in Grayscale\u2019s journey, considering its past legal confrontations with the SEC over similar endeavors. Consequently, the asset manager, known for its crypto-centric portfolio, submitted a fresh application on Thursday, initiating a procedural stride necessary for continuing discussions with another arm of the SEC post-litigation, insider sources revealed.<\/span><\/p>\n

The <\/span>legal triumph in August<\/span><\/a>, affirmed by the DC Circuit Court of Appeals, branded the SEC\u2019s prior denial as \u201carbitrary and capricious,\u201d highlighting the discrepancy in greenlighting bitcoin futures ETFs while obstructing Grayscale\u2019s proposals. The industry now eyes a conclusive mandate expected from the court this week, potentially reshaping the crypto-ETF landscape.<\/span><\/p>\n

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Grayscale Pursues ETF, Files S-3<\/strong><\/h2>\n

Amid these anticipations, Grayscale <\/span>has submitted an S-3 form<\/span><\/a> to the SEC, seeking to register GBTC shares under the Securities Act 1933. Traditionally, ETF aspirants have utilized the S-1 form for equity securities\u2019 initial offerings. However, Grayscale leveraged the S-3 form, simplifying the process due to GBTC\u2019s status as an SEC-reporting entity since January 2020, an update from the company\u2019s recent blog outlined.<\/span><\/p>\n

The commitment to this path underscores the company\u2019s strategic approach following the Court of Appeals\u2019 decision in August. Industry spectators have since harbored a growing optimism regarding the likelihood of GBTC\u2019s metamorphosis into an ETF.<\/span><\/p>\n

SEC Reviews Key Grayscale ETF Conversions<\/strong><\/h2>\n

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For this transformation to materialize, three critical approvals are necessary, Grayscale clarified in its announcement. These include sanctioning NYSE Arca\u2019s 19b-4 filing, securing Regulation M relief, and the SEC\u2019s official declaration of the S-3 form\u2019s effectiveness. While one arm of the SEC appraises the 19b-4 application and Regulation M compliance, another will scrutinize the S-1 and S-3 submissions.<\/span><\/p>\n

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In its communication, Grayscale emphasized its readiness to transition GBTC into an ETF, pending these approvals. The company expressed eagerness to engage with the SEC to expedite the process, ensuring its investors\u2019 interests remain paramount.<\/span><\/p>\n

Read Also:<\/b> Binance Hires Another Key Attorney In The SEC Lawsuit<\/span><\/a><\/p>\n

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Grayscale Investments is forging ahead with its plans to launch a spot Bitcoin ETF following the SEC\u2019s decision not to contest an August court verdict. This development marks a significant phase in Grayscale\u2019s journey, considering its past legal confrontations with the SEC over similar endeavors. Consequently, the asset manager, known for its crypto-centric portfolio, submitted […]<\/p>\n","protected":false},"author":2,"featured_media":173745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-177339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177339","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=177339"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177339\/revisions"}],"predecessor-version":[{"id":177341,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177339\/revisions\/177341"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/173745"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=177339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=177339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=177339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}