crypto exchangeBloomberg analyst: SEC may use custody argument to refuse to convert GBTC...

Bloomberg analyst: SEC may use custody argument to refuse to convert GBTC into spot ETF

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.”

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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