Bitcoin ETF news: for the SEC commissioner, there is no reason to hinder approval

Latest news on Bitcoin spot ETFs: the commissioner of the U.S. Securities and Exchange Commission (SEC), Hester Peirce, stressed that there are no reasons to hinder approval. 

Bitcoin ETF news: Hester Peirce says SEC has no reason to hinder approval

In a recent conversation with Bloomberg, the commissioner of the US Securities and Exchange Commission (SEC), Hester Peirce, spoke on the heated topic of spot Bitcoin ETFs. 

Specifically, Pierce stressed that “there is no reason why [the SEC] should hinder a spot ETF on Bitcoin.”

Basically, the SEC commissioner did not deny the possibility that approval of an application for an ETF on spot Bitcoin will happen soon, although she did not go out of her way to reveal anything new. 

And in fact, the SEC’s Peirce reportedly noted that each Spot Bitcoin ETF application must be judged on its own merits. But he also added the following:

“And so I think we got a little bit of a nudge from the court. And we’ll see where things go from here.”

In interpreting his word “nudge,” there are those who argue that it may be the recent decision in the case involving SEC and Grayscale. As anticipated, however, Pierce did not elaborate further and did not reveal any specific news on the subject. 

Bitcoin ETF news: Is the SEC “pushed” by the court to approve pending applications?

Peirce maintained confidentiality about the potential approval of an Exchange-Traded Fund (ETF) on the bitcoin spot.

When asked about ongoing conversations between ETF issuers and SEC staff regarding applications for ETFs on bitcoin spoti, Commissioner Peirce said: 

“No, again, I can’t really comment.”

And so it goes back to the only word the SEC commissioner uttered (“push”) that might suggest that there is progress on the issue. 

Analyzing the Grayscale and SEC case, a judge found that the SEC was “arbitrary and capricious” in denying Grayscale’s request to convert its Grayscale Bitcoin Trust (GBTC) into an ETF on spot Bitcoin.

Grayscale and the latest ongoing negotiations

Meanwhile, Grayscale executives and lawyers have been exploring the possibility of making rule changes to allow the Grayscale Bitcoin Trust (GBTC) to be priced. 

This was an actual meeting with the SEC to go over the details of converting GBTC into an ETF on spot Bitcoin. 

Specifically, discussions focused on the proposed rule change submitted by NYSE Arca, Inc. to list and trade shares of the GBTC in accordance with NYSE Arca Rule 8.201-E. Not only that, Grayscale has signed a transfer agency and service agreement with BNY Mellon. This bank will act as agent for the GBTC, facilitating the issuance and redemption of shares and managing shareholder accounts.