TechFlow reports, Bloomberg analyst James Seyffart stated on X (formerly Twitter) that it remains unclear whether the SEC will make a new decision in the coming weeks or months, or require Grayscale to file a Form 19b-4 (used to notify regulators of proposed rule changes).
Seyffart analyzed: "What we do know is that with Bitcoin futures ETFs already existing, the SEC can no longer use the arguments about fraud and manipulation from its past rejection letters to reject a spot ETF. Instead, they might reject the conversion of GBTC into an ETF based on previously unused grounds—such as potential objections around Bitcoin custody—and I wouldn't be surprised by that."
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