Current reports in the crypto media reveal that Grayscale has intimated a plan to carry on its plan to launch a Bitcoin ETF. Grayscale operates a large Bitcoin Trust that has attracted numerous investors, including institutional funds.
How Grayscale Went Up Against SEC
Recently, the company expressed its desire to convert the Bitcoin trust into a Bitcoin ETF. For that, they had to apply to the US SEC for approval. However, the SEC, led by Chairman Gary Gensler, turned down the application.
What followed was a short court battle that saw Grayscale win against SEC. According to the deciding court, SEC’s determination was shoddy work. The regulatory body was therefore ordered to review Grayscale’s application again, and this time around, to follow its own rules and policies regarded such matters. This development has obviously riled up the Bitcoin community as a lot of people now see a huge chance at an ETF.
Bitcoin ETF Ready
Now, Grayscale says that its Bitcoin ETF is ready for launch and the only thing stalling it is a nod from US SEC. However, it’s not clear whether SEC has put in place a timeline to render the decision as ordered by the court.
Granted, this company ins’t the first one to apply for a Bitcoin ETF lately. As a matter of fact, there are around 6 other ETF applicants. Multi-Trillion dollar investment firm, BlackRock, is one of them. The US SEC has adopted a fashion of kicking the can down the road. It has already delayed making a decision of a number of the applications. This may have caused Bitwise to retract its ETF application. Bitwise was one of the 6 applicants.
No Reason For SEC To Deny Grayscale ETF
Given the court’s decision ordering SEC to review Grayscale’s application for a second time, and given that the company seems to have followed due process, a lot of people, including Grayscale’s legal representative, believe that Gary and his team have no reason to deny Grayscale a Bitcoin ETF. Representatives of the investment firm plan to meet with the SEC team to iron out any pending issues of concern.
The news of Grayscale’s readiness to take its platform online has excited the community, with many already estimating the possible impact this might cause on Bitcoin’s price if it happens. The fact that there are other Bitcoin ETF applications being awaited, couple with the upcoming Bitcoin halving event in early 2024, is a clear cause for excitement.
