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- Over the past few days, the SEC has had meetings with Grayscale, Franklin, Fidelity, and BlackRock.
- Both the Division of Trading and Markets and the Division of Corporate Finance attended the meetings.
- BTC’s price decreased by more than 2% over the past day of trading, which left it trading hands at $40,877.79.
An analyst covering NFTs and the cryptocurrency industry, James Seyffart, shared in an X post yesterday that four different issuers have met with the U.S. Securities and Exchange Commission (SEC) concerning their Bitcoin ETF filings over the past few days. Grayscale, Franklin, and Fidelity each had meetings with the regulator last week.
Meanwhile, BlackRock met with the SEC on December 11 for the third time in as many weeks. Seyffart’s post pointed out that both the Division of Trading & Markets and the Division of Corporate Finance attended the meetings. These divisions will ultimately decide if the Bitcoin ETFs will be approved or denied.
And this one: https://t.co/mmowUS2V09— James Seyffart (@JSeyff) December 12, 2023
The chairperson of the SEC Gary Gensler himself explained the roles that each of these divisions will play in making their decision. The Division of Corporation and Finance will ensure that investors have access to all essential information to make well-informed investment choices. It will also offer guidance and interpretation of SEC rules.
The Division of Trading & Markets is responsible for setting and upholding standards of fairness, orderliness, and efficiency. It also regulates key participants in the securities market, including broker-dealers, self-regulatory organizations, and transfer agents.
Although these meetings could be a good sign that a Bitcoin ETF approval is around the corner, it did not have a positive impact on the price of Bitcoin (BTC). At press time, CoinMarketCap indicated that BTC experienced a price decrease of more than 2% in the past 24 hours.
BTC / Tether US 1D (Source: TradingView)
This meant that the market leader was worth about $40,877.79 after setting a low price of $40.667.56. BTC’s 24-hour market cap also took a more than 22% knock throughout the past day, which caused it to drop to around $24.9 billion. The cryptocurrency’s market cap ended up dropping to $800.11 billion.
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