© Reuters
Investing.com – The launch of spot ETFs in the United States is becoming increasingly likely. According to memos published this week, the SEC, the US financial regulator, continues to actively discuss with asset managers.
The regulator said in a memo that it met with Grayscale on Thursday regarding the potential conversion of the Grayscale Bitcoin Trust into an ETF. The SEC previously blocked the move, but Grayscale challenged the move in court and won.
SEC officials also disclosed meeting with representatives from BlackRock (NYSE:) and Wednesday, according to a separate memo. Recall that BlackRock filed for an ETF in June, followed shortly by a handful of other asset management firms, including Ark Invest.
Although the SEC may still decide to block spot Bitcoin ETFs, many industry experts expect such funds to launch in the United States early next year.
However, the regulator has delayed its decisions on several bitcoin funds in recent months and may do everything in its power to delay the deadline further.
However, experts agree that the SEC should lump the majority of applications together, meaning either approve them all or deny them all at the same time.
Recall that Gary Gensler, Chairman of the SEC, has been very critical of cryptocurrencies, but he recently appeared to soften his stance, saying he would listen to his staff’s comments on a possible bitcoin ETF.
Grayscale also recently hired John Hoffman, a longtime Invesco ETF executive, as chief executive officer. Mr. Hoffman will be responsible for distribution and strategic partnerships for Grayscale, a sign that the crypto asset manager is preparing to launch the fund if approved.
Finally, let us emphasize that the hope regarding the launch of spot Bitcoin ETFs in the United States is one of the main factors behind the rise of the cryptocurrency in recent weeks. However, the event is so anticipated that it cannot be ruled out that the impact on the BTC price will be limited, as several analysts have pointed out while Bitcoin recently tested the threshold of $38,000.