BlackRock, Grayscale, and Others Scramble for SEC Approval as Bitcoin ETF Deadline Nears

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In the race to make Bitcoin a mainstream investment option, the U.S. Securities and Exchange Commission (SEC) is leading the way. The SEC is eagerly preparing for the launch of spot Bitcoin ETFs and is currently in discussions with various companies, including major players like BlackRock, Grayscale Investments, ARK Invest, and 21 Shares. The SEC has set a deadline of December 29th for all companies to submit their final amendments for spot BTC ETF applications to be considered in the first wave of approvals.

Fred Rispoli, an expert in cryptocurrency law, believes that the SEC is taking a cautious approach in order to cater to the needs of major financial players while avoiding legal issues. This is why the approval process has been slower than expected. Rispoli’s statement on Twitter supports this view, suggesting that the SEC is trying to balance its obligations to big banks with the risk of facing legal challenges for delaying the approval of a spot BTC ETF.

Meanwhile, Grayscale is making adjustments to its filings to transform its Bitcoin Investment Trust into a spot Bitcoin ETF, in line with the SEC’s guidelines. Hashdex is also engaged in direct talks with the SEC, including meetings with Chairman Gensler. These discussions highlight the detailed negotiations taking place in the crypto regulatory environment.

As we approach 2024, these discussions and negotiations will play a crucial role in shaping the future of crypto regulation. Experts like John Reed Stark have previously expressed doubts about the SEC’s approval of Bitcoin-spot ETFs, but there is hope that the U.S. Presidential Election and Grayscale’s recent legal victory could influence future decisions.

Overall, the SEC’s careful management of the approval process and the ongoing discussions with industry leaders indicate that significant developments in crypto regulations can be expected in the coming years.