SEC met with Grayscale and seven other spot Bitcoin ETF applicants in late November SEC met with Grayscale and seven other spot Bitcoin ETF applicants in late November
The Commission has seen back-to-back meetings with a long line of industry figures seeking its approval for a spot Bitcoin ETF.
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Updated: Dec. 1, 2023 at 11:07 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The U.S. Securities and Exchange Commission has recently disclosed meetings with several asset managers regarding their proposed spot Bitcoin ETFs.
On Nov. 29, the SEC said that its Division of Trading and Markets members met with several Grayscale employees and the law firm Davis Polk on the same day. Grayscale CEO Michael Sonnenshein was among those in attendance.
The SEC held meetings with Grayscale on three other dates starting in 2022, the most recent of which occurred last month on November 20, 2023. Two additional sessions involved members of Grayscale’s custody partner, Coinbase.
Those meetings concerned a proposed rule change that would allow NYSE Arca to list and trade Grayscale Bitcoin Trust (GBTC) shares. Grayscale plans to convert GBTC to a spot Bitcoin exchange-traded fund.
SEC also met with BlackRock and others
The SEC held talks with other asset managers last month. Notably, it met with BlackRock regarding its proposed iShares spot Bitcoin ETF on Nov. 28 and Nov. 20. Attachments show that both BlackRock discussions concerned comparisons between in-kind and cash redemption models, which will determine whether some ETF participants transact with cryptocurrency or cash.
The securities regulator also said on Nov. 29 that it met with asset manager Hashdex days earlier to discuss the firm’s proposed spot Bitcoin ETF.
Other SEC disclosures indicate that the agency met with Bitwise, VanEck, Fidelity, and Invesco on their respective proposals in late November. The agency also met with 21Shares on behalf of Ark Invest’s spot Bitcoin ETF proposal around the end of the month. It does not appear that the SEC met with WisdomTree, Valkyrie, or GlobalX on their respective spot Bitcoin ETF applications.
The SEC has not publicly stated any plans to approve a spot Bitcoin ETF in spite of the fact that it has disclosed these numerous recent meetings.
Mentioned in this article
Bitcoin 
Grayscale Investments 
BlackRock 
VanEck 
Fidelity Investments 
Ark Invest 
21shares 
WisdomTree 
Valkyrie 
Michael Sonnenshein Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
VanEck
VanEck is a global investment manager with offices around the world, including New York, Australia, China, Germany, Netherlands and Switzerland.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
Ark Invest
ARK Investment Management LLC (ARK Invest) holds a precision lens on thematic investing.
21shares
21Shares is a Swiss provider of crypto- currency exchange-traded products (ETPs).
WisdomTree
WisdomTree is a global financial innovator, offering a well-diversified suite of exchange-traded products (ETPs), models, and solutions.
Valkyrie
Valkyrie Investments is a specialized alternative asset management firm at the intersection of traditional finance and the emerging digital asset sector which is headquartered in Nashville.
Michael Sonnenshein is a prominent figure in the digital currency asset management industry.
