BlackRock, OpenAI & Grayscale Navigate Crypto and AI Moves with SEC
Summary:
Global asset manager BlackRock met with the SEC over potential pathways for launching a spot Bitcoin ETF. Simultaneously, OpenAI is set to reinstate Sam Altman as CEO after his brief stint at Microsoft. In parallel, Grayscale Investments discussed with the SEC about transforming its Grayscale Bitcoin Trust into a spot Bitcoin ETF.
BlackRock, a global asset managing giant, sat down with the United States Securities and Exchange Commission (SEC) to discuss the regulatory body's unease towards a spot Bitcoin exchange-traded fund (ETF). In other news, OpenAI proclaimed a tentative agreement to reinstate Sam Altman as CEO. Parallelly, Grayscale Investments negotiated with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.
The worldwide asset manager, BlackRock, engaged in discussions with the United States Securities and Exchange Commission about developing a framework for introducing the nation's premiere spot Bitcoin exchange-traded fund. As per an SEC memo released recently, BlackRock presented the regulatory authority with potential redemption patterns for its proposed spot Bitcoin ETF, although it remains uncertain if the securities regulator has provided feedback regarding these models.
Being a strong contender to launch America's first spot Bitcoin ETF, BlackRock's impeccable approval record for numerous fund propositions cannot be overlooked. The institution's initial application was handed over to the SEC in June.
Moving on to artificial intelligence, just two days post Microsoft CEO Satya Nadella's decision to appoint former OpenAI CEO Sam Altman to head a novel advanced artificial intelligence research unit, OpenAI withdrew its former resolution to terminate its co-founder. OpenAI issued a statement on November 22 confirming the settlement to reinstate Altman as the CEO. As the details are being hashed out, Altman echoed his enthusiasm to rejoin OpenAI by sharing the announcement.
Altman decided to let go of his fresh role at Microsoft and gracefully expressed his affection for OpenAI, stating, “I’m eager to come back to OpenAI and augment our substantial alliance with Microsoft.”
On the cryptocurrency front, Grayscale's executives, including CEO Michael Sonnenshein, held a meeting with the SEC on November 20 to elaborate on the specifics of the flagship GBTC, which Grayscale aspires to morph into a spot Bitcoin ETF.
The dialogue was centered around “NYSE Arca, Inc.’s proposed rule change to list and trade shares of the Grayscale Bitcoin Trust (BTC) under NYSE Arca Rule 8.201-E.” Bloomberg ETF analyst James Seyffart revealed that Grayscale had reached an accord with BNY Mellon to serve as the agent for GBTC, aiding in the issuance and redemption of shares and managing shareholder accounts. This isn't an indicator that GBTC will be converted soon.
Following the conference, a U.S appellate court compelled the SEC to reconsider its previous decision to reject Grayscale's petition to transform the GBTC into a spot ETF, issued in October.
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Published At
11/22/2023 9:07:33 PM
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