The asset manager Grayscale has filed an updated Spot Bitcoin ETF filing following its meeting with the Securities and Exchange Commission (SEC). The foremost cryptocurrency, Bitcoin, also rebounded on the back of the news as it crossed the $37,000 mark once again. Why Grayscale’s Filing May Be Significant In its filing dated November 22, Grayscale made some amendments to the original S-3, which it had previously filed with the SEC. As pointed out by prominent finance lawyer Scott Johnsson, the changes include some new risk factors. Some of these risk factors are said to match that of ARK Invest’s relating to expanded disclosure of fraud and manipulation risk. Related Reading: Cardano Forecast: Crypto Analyst Identifies The Event That Could Send ADA Price To $11 Johnsson noted that the amended risk factors are important because their inclusion is most likely a directive from the SEC. Meanwhile, fraud and manipulation had served as the grounds why the SEC had disapproved Grayscale’s initial application. Therefore, the lawyer believes that the SEC directing Grayscale to include could mean a “concession” that it is no longer a “roadblock.” As highlighted by Johnsson, Grayscale’s revised filing is significant, especially considering the fact that it has met with the SEC division responsible for approvals right before it. As such, one could assume that it has gotten direction on how to ensure compliance in the hopes that approval could come soon. Meanwhile, it would seem that other potential issuers are also in talks with the SEC. Bloomberg Analyst James Seyffart had recently mentioned hearing rumors of such. If true, that could mean that the SEC is more open to approving these ETFs. Spot Bitcoin ETFs Providing Momentum To Crypto Market Bitcoin rallied past $37,000 on the back of Grayscale’s filing. This price movement signifies the impact that the Spot Bitcoin ETF narrative has on the market. This is also not the first time that news around Spot Bitcoin ETF has provided momentum to the market. In October, Bitcoin touched $30,000 for the first time in months on the back of a false CoinTelegraph post. Although it was false, many instantly realized the impact that an approval of these funds could have on the market. Meanwhile, shortly after that, Bitcoin and the whole crypto market continued to rally on the back of the narrative. Related Reading: Ripple Integration With ISDA Ushers In $1.2 Quadrillion Market, Can XRP Breach $100? During that period, Bitcoin crossed $35,000 on the back of news that BlackRock iShares Bitcoin Trust had been listed on the Depository Trust & Clearing Corporation. BlackRock had also revealed plans to begin seeding during that period. While everyone in the market continues to hold on to speculation, many will hope that the projection of approval by January 10, 2024, comes true. At the time of writing, Bitcoin is trading at around $37,300, up over 2% in the last 24 hours according to data from CoinMarketCap. BTC price above $37,400 | Source: BTCUSD on Tradingview.com Featured image from Regtech Africa, chart from Tradingview.com
