Grayscale Investments is making progress in its efforts to convert its Grayscale Bitcoin Trust into a spot bitcoin exchange-traded fund (ETF). The company recently met with the Securities and Exchange Commission (SEC) to discuss NYSE Arca’s proposed rule change regarding the listing and trading of shares of the Grayscale Bitcoin Trust. The SEC memo revealed details of the discussions, including the establishment of a transfer agency and service agreement with BNY Mellon. This agreement designates BNY Mellon as the agent for Grayscale Bitcoin Trust, responsible for share issuance and redemption, as well as managing shareholder accounts. The journey towards a spot Bitcoin ETF faced a significant development in October 2023 when the U.S. Court of Appeals ordered the SEC to review Grayscale’s application. The court ruled in favor of Grayscale, criticizing the SEC’s refusal to allow the conversion of GBTC into a Bitcoin ETF as “arbitrary and capricious.” Discussions with the SEC indicate a potential regulatory shift, with rumors of other spot Bitcoin ETF issuers engaging in similar talks. SEC Commissioner Hester Pierce expressed support for a Bitcoin ETF, stating that there is no reason for the SEC to impede its progress. While positive momentum is building, it remains uncertain whether the SEC will approve all Bitcoin ETF applications simultaneously. The evolving landscape suggests ongoing developments and a potential shift in regulatory dynamics as the industry eagerly awaits further updates on the approval of Bitcoin ETFs.

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Information	Details
Geography	North America
Countries
Sentiment	positive
Relevance Score	1
People	Michael Sonnenshein, Craig Salm, Hester Pierce, James Seyffart
Companies	BNY Mellon, NYSE Arca, Grayscale Investments, Securities and Exchange Commission (SEC)
Currencies	Bitcoin
Securities	None