Grayscale Investments Wins Legal Victory for Bitcoin ETF
Grayscale Investments has achieved a legal victory in its case against the US Securities and Exchange Commission (SEC) for a spot Bitcoin ETF. However, it is uncertain whether the SEC will approve the conversion of the Grayscale Bitcoin Trust (GBTC). The court does not have the power to force the SEC to take action, although a federal appeals court has ruled that the SEC should consider Grayscale’s request. The SEC still retains control over its decision and may use legal arguments to delay a decision on the application. It may be easier for Grayscale to resubmit its application.
Ark Invest and 21Shares Collaborate with SEC on Bitcoin ETF Approval
Cathie Wood, CEO of ARK Invest, revealed in an interview that 21Shares, ARK Invest’s partner, is working closely with the SEC to gain approval for a Bitcoin ETF. The SEC has shown a change of attitude towards Ark Invest’s application, asking questions to which they have responded in detail. Wood believes that SEC approval of a Bitcoin ETF could be a significant catalyst for institutional investment in Bitcoin. The approval of a spot Bitcoin ETF would make it easier for institutional investors to access Bitcoin and increase market liquidity. The SEC’s decision on Ark 21Shares’ application is expected by January 10, 2024.
Fidelity Renews Bitcoin ETF Application
Fidelity Investments has filed a new application with the SEC for its bitcoin exchange-traded product called “the Wise Origin Bitcoin Trust.” This comes after the rejection of Fidelity’s previous bitcoin ETF application due to concerns about market manipulation and lack of oversight. The rejection prompted other institutions like BlackRock, Invesco, WisdomTree, Valkyrie, and Bitwise to reformulate their bitcoin ETF applications. Wall Street’s enthusiasm suggests that a spot bitcoin ETF is likely to be approved soon, which would have a positive impact on the price of bitcoin and the cryptocurrency market. However, false news about BlackRock’s approval has circulated, raising concerns about market manipulation.
Hot Take: SEC Approval of Bitcoin ETF Could Transform the Market
The potential approval of a Bitcoin ETF by the SEC could be a game-changer for the cryptocurrency market. It would make Bitcoin more accessible to institutional investors and bring in more liquidity. This could lead to increased adoption and potentially drive up the price of Bitcoin. However, it is important to remain cautious and not be swayed by false news or market manipulation. The SEC’s decision on various Bitcoin ETF applications will be crucial in determining the future of cryptocurrencies in traditional finance.
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