Bitcoin Price Prediction: Davis Polk Urges SEC to Approve Spot ETF, Highlighting Market Potential and Successful Crypto Entrepreneurs
On Wednesday, Bitcoin saw a modest uptick, trading at $25,798, marking a nearly 0.50% increase. The financial landscape is buzzing with anticipation as Davis Polk, a prominent grayscale legal firm, ardently advocates for the SEC's approval of the Bitcoin spot ETF.
Their endorsement is rooted in what they perceive as optimal resource utilization. Amidst this, there's a growing sentiment that the crypto market is grossly undervaluing the bullish potential of spot Bitcoin ETFs.
Reinforcing the cryptocurrency's profound impact, a recent report highlighted six affluent traders who amassed their considerable fortunes primarily through Bitcoin investments.
Grayscale Investment, represented by its legal counsel Davis Polk, is urging the US Securities and Exchange Commission (SEC) to approve the conversion of Grayscale's Bitcoin Trust (GBTC) into an Exchange-Traded Product (ETP).
This comes after a recent court victory secured on August 29, after the SEC initially rejected Grayscale's proposal.
Grayscale CEO Michael Sonnenshein has disclosed this development and emphasized that the Trust is ready to operate as an ETP upon SEC approval.
Grayscale argues that the Trust should be treated no differently than ETPs investing in Bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME).
Grayscale is concerned that the SEC rejected spot Bitcoin filings while there are Bitcoin futures ETPs on the CME.
Grayscale argues that Bitcoin and Bitcoin futures are closely correlated, and that surveillance sharing agreements (SSAs) with the CME offer the same capabilities to detect market malfeasance.
As the price of BTC/USD increases today, it draws attention to Grayscale's continuous efforts to provide investors with exposure to
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