SEC Engages with Asset Managers Ahead of Potential Bitcoin ETF Approval

The US Securities and Exchange Commission (SEC) is actively engaging with asset managers in the lead-up to a crucial decision on the approval of a Bitcoin exchange-traded fund (ETF). Memos reveal that the SEC recently met with Grayscale to discuss the potential conversion of the Grayscale Bitcoin Trust into an ETF, a move previously blocked but successfully challenged by Grayscale in court. Separate memos indicate meetings with BlackRock and Nasdaq representatives regarding their respective plans for a Bitcoin ETF. Despite the possibility of the SEC blocking crypto ETFs, industry experts anticipate their launch in the US early next year. SEC Chair Gary Gensler, a crypto critic, has indicated a willingness to consider his staff's input on a potential Bitcoin ETF. The market's growing confidence in ETF approval has contributed to a rise in Bitcoin prices, reaching above $37,000. Grayscale's recent hiring of John Hoffman, an ETF executive, suggests preparation for a fund launch if approved. The prevailing sentiment is that a Bitcoin ETF approval could occur in the coming months, impacting the cryptocurrency market positively.

Bitcoin is breaking the 38,000 level, and the next target could be 42,000, while 46,750 represents the strongest resistance level.