The U.S. could soon have its first Bitcoin (CRYPTO: BTC) spot exchange-traded fund (ETF).
The news is bound to be a major topic of discussion at Benzinga’s Future of Digital Assets event in New York City on Nov. 14, 2023. In addition to staying up-to-date on trends like artificial intelligence (AI), regulations, and institutional adoption in the crypto space, Benzinga has been following Securities and Exchange Commission (SEC) actions like this one.
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What Happened: A federal court order directed the SEC to reconsider its rejection of Grayscale Investments’ application.
Grayscale, the entity behind the crypto fund, first attempted to transform its GBTC closed-end fund into an ETF in October 2021.
Originally, the SEC declined Grayscale’s application due to unresolved questions about market manipulation among other concerns, which saw Grayscale immediately file an appeal.
In its ruling, the court said that the SEC failed to provide sufficient ...