The U.S. Securities and Exchange Commission is in discussions with asset managers as they prepare to make a decision on whether to approve a bitcoin exchange-traded fund, according to memos released this week. The regulator revealed that it held a meeting with Grayscale to discuss the potential conversion of their Grayscale Bitcoin Trust into an ETF. Grayscale had previously challenged the SEC’s decision to block this move and won in court.
In addition, SEC officials also held meetings with representatives from BlackRock and Nasdaq to discuss the matter. BlackRock filed for a bitcoin ETF in June, followed by other asset management firms. While the SEC has delayed decisions on several bitcoin funds in recent months, industry experts believe that crypto ETFs will launch in the U.S. early next year.
SEC Chair Gary Gensler, a vocal critic of crypto, has indicated that he would consider his staff’s input on a potential bitcoin ETF. Grayscale’s recent hiring of John Hoffman, a former Invesco ETF executive, as managing director also suggests that the crypto asset manager is preparing to launch the fund if approved.
The growing anticipation of a bitcoin ETF approval has contributed to a boost in the price of bitcoin, with the cryptocurrency trading above $37,000 on Thursday after falling to about $26,000 late this summer.
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