The SEC Might Approve a Bitcoin ETF on November 2: Says Legal Expert
Big news in the crypto world: Lawyer Scott Johnsson suggests the US might soon approve a new Bitcoin ETF. What's behind this hint? Let’s dive in!
Scott Johnsson, a known lawyer from Davis Polk, hints at a possible approval of a Bitcoin ETF in the US. This comes after the SEC did not challenge a court decision supporting Grayscale's desire to turn its Bitcoin Trust into a Bitcoin ETF.
He tweeted about a private meeting on November 2, saying, “It’s a date of interest, but no certainty we will get any news.” The meeting will discuss ending lawsuits and admin tasks.
Remembering Past Events:
A similar private meeting happened just before the ProShares Bitcoin Strategy ETF (BITO) started on October 19, 2021. This Bitcoin ETF quickly reached $1 billion. Before its launch, there was news from an SEC private meeting that they would allow this kind of ETF.
Many think that after this meeting, news about Grayscale's Bitcoin ETF might come out. Will the SEC approve just Grayscale or others too?
Recently, the SEC got many changes from big companies like BlackRock and Fidelity. This makes people believe a Bitcoin ETF approval is near. Bloomberg’s James Seyffart said important work is still happening behind the scenes.
Johnsson noted that the SEC usually takes 2-4 weeks to review these kinds of changes. He is waiting to see if the SEC has any comments in the coming weeks. He also talked about an important date on SEC chair Gensler’s calendar related to Blackrock's ETF request.
However, not everyone is hopeful. Some think that Gensler might surprise everyone by rejecting the Bitcoin ETF. Johnsson responded, saying he's been trying to understand the whole situation, but there’s always uncertainty.
