BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home BREAKING NEWS

Grayscale Sparks SEC Talks for Bitcoin ETF Conversion

by BlockNews.com Team
November 8, 2023
in BREAKING NEWS, BUSINESS, CRYPTO
Reading Time: 3 mins read
A A
#image_title

#image_title

1
SHARES
18
VIEWS
Share on XShare in TelegramShare on Reddit
  • The SEC has started discussions with Grayscale about converting Grayscale’s Bitcoin Trust (GBTC) into a spot bitcoin ETF, following a court ruling that the SEC must re-review Grayscale’s proposal.
  • In August 2022, a court ruled the SEC must re-consider rejecting Grayscale’s application to convert GBTC into a spot bitcoin ETF, stating the SEC treated spot bitcoin ETFs differently than approved futures-based bitcoin ETFs.
  • Grayscale has been in contact with two SEC divisions after the ruling – the Division of Trading and Markets and the Division of Corporation Finance. The outcome remains uncertain, but the ruling puts pressure on the SEC to potentially approve a spot bitcoin ETF.

The Securities and Exchange Commission (SEC) has reportedly started discussions with Grayscale Investments regarding the asset management firm’s application to convert its Grayscale Bitcoin Trust (GBTC) into a spot bitcoin exchange-traded fund (ETF). This comes after a recent court ruling stating that the SEC must re-review Grayscale’s spot bitcoin ETF proposal.

🚨 NEWS: 🇺🇸 SEC opened dialogue with Grayscale to convert its GBTC fund into a spot #Bitcoin ETF.

This reopening of Grayscale's case could influence the SEC's stance on pending ETF applications. pic.twitter.com/wGHVGYxuR6

— BlockNews.com (@blocknewsdotcom) November 8, 2023

Background on Grayscale’s Spot Bitcoin ETF Bid

In August 2022, a US appeals court ruled that the SEC must re-consider its rejection of Grayscale’s application to convert GBTC into a spot bitcoin ETF. The court stated that the SEC had treated spot bitcoin ETF applications differently compared to futures-based bitcoin ETFs, which have been approved.

Following the ruling, Grayscale submitted a new filing for a spot bitcoin ETF conversion ahead of the court’s formal order to re-review the proposal.

Details on the SEC’s Talks with Grayscale

According to a recent report, Grayscale has been in contact with two SEC divisions after the court ruling:

  • The Division of Trading and Markets
  • The Division of Corporation Finance

SEC Chair Gary Gensler has said the agency is still reviewing the court’s decision. He also explained the SEC’s standard process for evaluating ETF filings, which involves feedback from the Division of Corporation Finance and review by the Division of Trading and Markets.

Multiple asset managers, including BlackRock and Fidelity, have applied for spot bitcoin ETFs. Some experts believe the Grayscale court ruling could pave the way for approval of these proposals.

Conclusion

The SEC opening talks with Grayscale on potentially converting GBTC into a spot bitcoin ETF is a significant development for the crypto industry. While the outcome remains uncertain, the court mandate for the SEC to re-assess its rejection puts renewed pressure on the agency to approve a spot bitcoin ETF. The next few months will be pivotal in determining if such an ETF finally becomes a reality.

Tags: BitcoinBlockchainBusinesscryptograyscale
TweetShareShare
Previous Post

Robinhood Set to Debut EU-based Crypto Services Amid $23M Revenue Decline

Next Post

Ripple’s Ambitious Expansion Shakes XRP Amid $16M Transfer

DON'T MISS THESE! HOT OFF THE PRESS

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling
CRYPTO

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?
CRYPTO

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak
CRYPTO

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party
CRYPTO

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL
BITCOIN

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
Load More

Related News

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Toncoin and Telegram: The Sleeping Giant of 2025?

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.