Tag: SEC

Grayscale updates spot Bitcoin ETF application after meeting with SEC

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Crypto asset manager Grayscale recently unveiled an updated version of its spot Bitcoin exchange-traded fund (ETF) following discussions with the US Securities and Exchange Commission (SEC). According to Bloomberg researcher James Seyffart, the updated documentation contains a plan to change GBTC’s ticker to BTC. After carefully reviewing the revised documentation, Seyffart noted that it is unlikely to contain significant changes compared to the previous version. However, the current version has significant changes from the original submission, as he stated:“in this amendment, the shades of gray have changed a lot from…

BlackRock Meets SEC over Spot Bitcoin ETF and Redemption Requirements

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In the filing BlackRock proposed In-kind redemptions could also offer tax efficiency, avoiding the need to sell securities for redemptions, which might trigger capital gains taxes. Representatives from BlackRock and the Nasdaq engaged in discussions with the United States Securities and Exchange Commission (SEC) regarding the proposed rule permitting the listing of a spot Bitcoin (BTC) exchange-traded fund (ETF). A November 20 SEC memo revealed that BlackRock presented a plan outlining the potential use of either an in-kind or in-cash redemption model for its iShares Bitcoin Trust. The SEC’s response…

SEC Commissioner on spot Bitcoin ETFs: “No reason to block”

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SEC’s Hester Peirce supports spot Bitcoin ETF and hopes for less litigation in establishing crypto regulation. In the latest interview with Bloomberg, Commissioner of the U.S. Securities and Exchange Commission (SEC), Hester Peirce, hinted at support and approval for a spot Bitcoin ETF. Peirce said the SEC has no reason to stand in the way of a Bitcoin ETF, with the commissioner adding that her stance on this matter has been the same for years.  Peirce confirmed that every application is being judged on its own specific set of facts…

BlackRock met with SEC officials to discuss spot Bitcoin ETF

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Representatives from BlackRock and the Nasdaq met with the United States Securities and Exchange Commission to discuss the proposed rule allowing the listing of a spot Bitcoin (BTC) exchange-traded fund, or ETF. According to a Nov. 20 SEC memo, BlackRock provided a presentation detailing how the firm could use an in-kind or in-cash redemption model for its iShares Bitcoin Trust. It’s unclear how SEC officials responded to the two proposed models or if they intend to approve a spot BTC ETF after numerous delays and rejections. Looks like @BlackRock also…

BlackRock and Grayscale meeting with SEC about Bitcoin ETF issuance

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Bloomberg Intelligence ETF research analyst James Seyffart reports that BlackRock and Grayscale, two major investment major companies with plans to issue a Bitcoin ETF, have recently met with the SEC. Based on slides that have become public knowledge, Seyffart shows that BlackRock likely prefers in-kind for their offering. In-kind vs. cash In highlighting this announcement, the analyst suggests that this decision makes sense as it is likely the cleanest structure for the company and its investors. The news came alongside a consecutive report that Grayscale, another prominent investment management firm,…

Grayscale Holds Fresh Talks with US SEC Over Bitcoin ETF Approval

On November 20, an SEC memorandum revealed a meeting involving Grayscale CEO Michael Sonnenshein, legal chief Craig Salm, ETF head Dave LaValle, four other executives, and five representatives from the Davis Polk law firm. The discussions centered on NYSE Arca, Inc.’s proposed rule amendment to list and trade shares of the Grayscale Bitcoin Trust (BTC) under NYSE Arca Rule 8.201-E. Grayscale provided details about entering into a Transfer Agency and Service Agreement with BNY Mellon, as outlined in a filing shared by Bloomberg ETF analyst James Seyffart. The agreement designates…

Grayscale met with SEC to discuss spot Bitcoin ETF details

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Executives from crypto asset manager Grayscale have met with the Securities and Exchange Commission to discuss details of its flagship Bitcoin (BTC) trust, which the firm wants to convert to a spot Bitcoin exchange-traded fund (ETF). A Nov. 20 SEC memo disclosed Grayscale CEO Michael Sonnenshein, legal chief Craig Salm, ETF head Dave LaValle and four other executives, along with five Davis Polk law firm representatives, met with the SEC’s division of trading and markets. The memo said discussions “concerned NYSE Arca, Inc.’s proposed rule change to list and trade…

Binance’s Busy Day, Kraken’s Second SEC Fight

Binance is paying one of the largest fines in corporate history to the U.S. Department of Justice, while its founder and CEO, Changpeng “CZ” Zhao, stepped down from his role running the platform as part of a settlement with multiple federal agencies. Meanwhile, Kraken is facing a lawsuit from the U.S. Securities and Exchange Commission that echoes the SEC’s previous wave of suits. Original Source Binance039sBusydayFightKraken039sSEC CryptoX Portal

Binance CEO Changpeng Zhao steps down with response to the SEC following guilty plea

Binance faces a pivotal change as CEO Changpeng Zhao agrees to step down and the company prepares to pay $4.3 billion in fines, following a settlement with the SEC over anti-money laundering violations. Changpeng Zhao’s decision to step down as CEO of Binance and plead guilty to violating U.S. anti-money-laundering requirements has sparked a complex interaction with U.S. regulatory bodies, particularly in the context of a substantial settlement agreement. The unfolding situation involves intricate negotiations and exchanges between Zhao, Binance and the U.S. Securities and Exchange Commission (SEC), according to…