SEC vs. ETF. The United States Securities and Exchange Commission (SEC) shows a clear desire to continually delaying the approval of spot Bitcoin ETFs. However, she recently suffered a scathing defeat in the Grayscale Bitcoin Trust conversion case. Indeed, a federal court ordered the regulator to review its copy following its rejection. And in order to rush things a little, the Grayscale company returns to the charge with an abridged version of their application file. At the same time, the giant BlackRock confirms its intention to enter the dance with an update filed a few hours ago.
Grayscale revives the SEC again
Grayscale is long past the point of patience regarding its request to convert the Grayscale Bitcoin Trust. And, it is following its official rejection by the SEC that the latter left in the legal field. A decision at the origin of a tasty reframing of the regulator by a federal court, with an obligation to explain more precisely the reasons for its refusal.
But the regulatory black hole of the office of Gary Gensler, chairman of the SEC, seems to suck up the slightest file relating to these ETFs. Probable reason why the Grayscale company has just filed an S-3 file in this matter. That’s to say an abbreviated version of the classic S-1 file used to make this type of official request.
And according to ETF specialist Bloomberg, James Seyffartthis strategy would aim to emphasize its status already meeting the requirements of the Securities Exchange Act:
“Grayscale filed an S-3 for its GBTC. As far as I can tell, this is essentially registering the fund as a product of the 1933 Act. This is different from other applications we have seen updates on because GBTC is already a reporting company with of the SEC since January 2020.”
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BlackRock files updated request
But the passive pressure exerted by the SEC in this file also concerns other requests for approval, including that of the giant BlackRock.
A position maintained despite the recent $100 million fiasco initiated following fake news published by the media CoinTelegraph at the beginning of the week. Indeed, BlackRock has decided to signal the end of recess while specifying, through the voice of its CEO Larry Fink, that this only “proving the global need and desire for a Bitcoin spot ETF”.
And, in order to confirm this vision, the company BlackRock has apparently just file a revised application with the SEC. A document presented as consistent with the latest comments from the regulatory body regarding the approvals of Fidelity and Ark Invest, among others…
“BlackRock filed an updated Bitcoin ETF prospectus early this morning, which is likely their response to the SEC’s comments as we’ve seen from Ark, Fidelity and others. Yet another confirmation that issuers are in talks with the SEC. »
The SEC’s ill will will obviously not be enough to calm the enthusiasm of companies awaiting approval of a spot Bitcoin ETF. A situation about which Ark Invest Founder Identifies President Gary Gensler as Only Real Obstacle. And clearly, the pressure exerted on him is not about to subside…
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