Bloomberg analyst James Seyffart posted on the X platform (formerly Twitter) that it is uncertain whether the SEC will make a new decision in the next few weeks or months, or require Grayscale to submit a 19b-4 form (for notification) Regulatory Proposed Rule Changes).
Seyffart analyzed: “What we do know is that in the presence of a bitcoin futures ETF, the SEC cannot reject a spot ETF using the same arguments about fraud and manipulation that they have used in past rejection letters, but may instead I would not be surprised to have used grounds for refusing to convert GBTC to an ETF, such as potential objections around Bitcoin custody.”
