SEC Appears to be Giving Up on the Grayscale Bitcoin Trust ETF Case

We recently reported that the US Securities and Exchange Commission (SEC) was awaiting a new filing from Grayscale, the firm behind the Bitcoin Trust. Now, it appears like SEC has given up on the case and is no longer awaiting a filing from Grayscale.

The news emerged when an SEC official said that no further activity should be expected from the regulator in regards to Grayscale’s proposed ETF. When asked about it, Tyler Gellasch, Executive Director at Healthy Markets Association and former Senior Counsel in SEC's Division of Investment Management was quoted as saying:

"My understanding is there will not likely be any further action on this filing due to other priorities at the SEC."

This statement comes after months of waiting for a proposition from Grayscale regarding its ETF. Back in November 2019, Grayscales submitted its application with the SEC hoping to launch their Bitcoin-based exchange-traded fund (ETF). At that time, many were already expecting a favorable response since two commissioners had already voted to approve an earlier application.

However, it seems like this time around, things are different as rumours about SEC giving up on the case have started doing rounds. Despite Gellasch’s comments not being enough clafication for this matter, he did add that if any development does take place in future then it would result due to other political or economic situations.