Grayscale Investments is in talks with the SEC to convert its trust product GBTC into a spot bitcoin ETF. These discussions have significant implications for the cryptocurrency industry. The SEC’s approval of one or more ETF applications is highly anticipated by the crypto sector, as it is seen as a milestone that could facilitate the entry of everyday investors into digital assets. Grayscale has been engaging with both the SEC’s Division of Trading and Markets and the Division of Corporation Finance since its court victory. Both divisions play a role in shaping and approving the firm’s ETF application. Grayscale previously faced a rejection from the SEC when it sought to launch a direct crypto asset ETF, leading to a legal battle. The court ultimately found the SEC’s rejection to be “a
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