The U.S. Securities and Exchange Commission (SEC) recently met with Grayscale and BlackRock to discuss their applications for spot Bitcoin exchange-traded funds (ETFs).
SEC Meets with Grayscale to Discuss its Bitcoin ETF Filing
According to a memorandum published by the SEC, officials from the Division of Trading and Markets met with Grayscale Investments to consider the proposed conversion of Grayscale’s listed Bitcoin Trust into a spot Bitcoin ETF. The discussion focused on NYSE Arca’s proposed rule change regarding the listing and trading of shares of the Grayscale Bitcoin Trust.
The meeting included David Shillman, Associate Director in the SEC’s Division of Trading and Markets, and Michael Sonnenshein, CEO at Grayscale Investments, along with representatives from Davis Polk & Wardwell LLP.
BlackRock Revises its In-Kind Model Design
On another occasion, SEC officials met with BlackRock and Nasdaq to discuss revising BlackRock’s Bitcoin ETF model. BlackRock revised its In-Kind model design to address the SEC’s concerns and questions regarding the model.
BlackRock’s proposed “In-Kind” redemption model involves market makers adjusting ETF shares supply and directly redeeming them for Bitcoin. However, the SEC has concerns about this model and suggested a “Cash” model instead.
The SEC’s pending approval of spot Bitcoin ETFs could potentially drive the Bitcoin price higher.
Hot Take: SEC Holds Meetings with Grayscale, BlackRock on Bitcoin ETFs
The U.S. Securities and Exchange Commission (SEC) has been actively engaging with industry players like Grayscale and BlackRock to discuss their applications for spot Bitcoin exchange-traded funds (ETFs). These meetings indicate that the SEC is taking steps towards considering the potential approval of these ETFs.
Grayscale’s proposal to convert its listed Bitcoin Trust into a spot Bitcoin ETF was discussed in a meeting that involved key officials from both organizations. Similarly, BlackRock had a meeting with the SEC to address concerns and questions regarding its In-Kind model design for a Bitcoin ETF.
As the SEC continues to evaluate these applications, the crypto market eagerly awaits a potential approval, which could have a significant impact on the price of Bitcoin. Investors and enthusiasts are closely watching these developments, hoping for positive news that could drive the Bitcoin price even higher.
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