US SEC Considers Approving Spot Bitcoin ETF: What Happens Next?

Bitcoin ETF is being considered by US regulators. (Photo; Doc. Bitcoinist)

JAKARTA - The United States Securities and Exchange Commission (SEC) is considering Grayscale's request for approval of the Bitcoin spot ETF after the court changed its decision. Closed meetings with SEC officials have been scheduled, including the Commissioner, Commissioner's Advisor, Commission Secretary, and listing secretary.

A US court has ordered the SEC to review previous decisions rejecting Grayscale's Bitcoin spot ETF proposal. The court emphasizes the similarities between Grayscale and ETF Bitcoin futures that have been approved.

Closed meetings will discuss a number of topics, including settlement of compensation measures, administrative processes, settlement of litigation claims, and other aspects related to review and law enforcement.

The open question is whether the SEC will seek court approval for additional time before making a decision. The deadline that passed on October 13, 2023 has set an important stage in the process of approval of the first Bitcoin ETF spot in the United States.

While speculation in the market is that the US SEC is likely to approve all spot ETF apps at once, Grayscale has an edge in terms of time due to previous court orders. Galaxy Digital CEO Mike Novogratz has stated that he hopes approval for the spot's Bitcoin ETF can be accepted from the SEC at any time in 2023.