SEC notifies Grasycale’s Bitcoin ETF application, reports anticipate possible December approval – DiarioBitcoin

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SEC notifies Grasycale's Bitcoin ETF application, reports anticipate possible December approval - DiarioBitcoin By Hannah perez

Grayscale awaits approval to convert its Bitcoin fund into an ETF. Some reports say the SEC could give it the go-ahead around Dec. 24.

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The United States Securities and Exchange Commission (SEC), the country’s main financial regulator, has notified the request of the exchange-traded fund (ETF) of Bitcoin from Grayscale. This means that the countdown to a verdict on the ETF has started, and some anticipate that fund could receive approval this year.

As reported DailyBitcoin, Grayscale Investments, the world’s largest cryptocurrency fund manager, submitted a request last month to convert its fund Grayscale Bitcoin Trust (GBTC) in an ETF that tracks the prices of the main cryptocurrency.

The company had initially announced the plans at the beginning of the year, but finally chose to apply in October following the approval of the first ETFs of Bitcoin in the country. The Futures ETF Bitcoin from ProShares It began trading on the NYSE on October 18. A few days later another similar fund managed by Valkyrie was also launched in the market of Nasdaq.

Grayscale eagerly awaits to launch its Bitcoin ETF

The US regulatory body has notified the receipt of form 19b-4 of Grayscale, according to a notice posted The 2nd of November. This means that the Commission must make a decision to approve or disapprove the application within 45 days after the form is submitted. Although the regulator can also postpone the verdict date for up to three more periods, as required.

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As such, the NYSE Arca stock exchange presented a form 19b-4 to list the GBTC of Grayscale converted to an ETF on October 19, starting the time for the SEC to make a decision on the product. If the verdict occurs within the indicated times, the estimated date should be between the first weeks of December.

It is worth noting that the SEC also requested comments from those interested in the document published this week. The agency has taken this approach in the past, for example, most recently with an ETF application of VanEck, the Commission also requested comments from interested parties.

The news about the SEC notification has raised expectations among members of the community. Some reports, including a publication of The Block, anticipate that the regulatory body could make a decision as soon as December 24. Users on Twitter have also marked the holiday as a date for a possible verdict.

However, the Commission has a history of extensions on applications for investment products of Bitcoin cash. While the agency approved the first crypto ETFs this year, these are based on futures of bitcoins and there has not yet been an approval of a fund backed by the physical asset. Currently, more than 40 cryptocurrency ETFs await SEC approval, according to information recently shared by the analyst of Bloomberg Intelligence, James Seyffart.

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Sources: The Block, Bitcoinist, file

Hannah Estefanía Pérez’s version / DailyBitcoin

Image from Unsplash

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