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SEC Meets with Grayscale to Discuss Spot Bitcoin ETF Listing

The U.S. Securities and Exchange Commission (SEC) recently engaged in discussions with Grayscale regarding the potential transformation of the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin exchange-traded fund (ETF).

In a memorandum released by the SEC, it was disclosed that representatives from the agency’s Division of Trading and Markets met with Grayscale Investments on November 20 to deliberate on matters related to the listing process for converting the Bitcoin Trust into a spot bitcoin ETF.

The memo specified that the conversation focused on “NYSE Arca, Inc.’s proposed rule change to list and trade shares of the Grayscale Bitcoin Trust (BTC) under NYSE Arca Rule 8.201-E.”

Participants in the meeting included David Shillman, the Associate Director in the SEC’s Division of Trading and Markets, responsible for overseeing U.S. equity, options, and fixed income markets. Michael Sonnenshein, the CEO of Grayscale Investments, was also present, along with external representatives from Davis Polk & Wardwell LLP, representing Grayscale.

A separate filing revealed that Grayscale has reached an agreement with the Bank of New York Mellon to serve as the transfer agent for the trust’s shares.

Grayscale Investments’ Spot Bitcoin ETF Filing

In October, Grayscale submitted an updated application for its spot Bitcoin ETF, following a favorable court ruling on its previous application. The U.S. Court of Appeals for the District of Columbia Circuit ruled in favor of Grayscale, directing the SEC to set aside its initial rejection and reopen the review process.

Simultaneously, major financial institutions such as BlackRock, Ark Invest, and Fidelity are actively exploring opportunities to list their spot Bitcoin ETFs. Despite these initiatives, the SEC has consistently delayed the processing of applications from various entities.

Bloomberg Intelligence Analyst James Seyffart noted that he has been hearing about potential meetings between other spot Bitcoin ETF issuers and the SEC in recent weeks. These ongoing discussions could signify a possible shift in regulatory dynamics.

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