With the conclusion of the criminal investigation by the US law enforcement agencies into Binance, some industry insiders believe that to a certain extent, this has removed the biggest obstacle on the road to approval for a Bitcoin spot ETF. The co-founder of the cryptocurrency asset management company Cobo, Shenyu, recently stated on his community platform that the regulatory agreement reached between the US Department of Justice and Binance has paved the way for ETFs.
On the other hand, according to a memorandum released by the US Securities and Exchange Commission (SEC), staff from the Division of Trading and Markets of the Commission recently met with the asset management company Grayscale to discuss the potential listing of a Bitcoin spot ETF. The memorandum describes the meeting as follows:
“The discussion involved a proposed rule change by NYSE Arca, Inc. to list and trade shares of the Grayscale Bitcoin Trust (BTC) pursuant to NYSE Arca Rule 8.201-E.”
Furthermore, according to documents disclosed earlier by Grayscale, the company has reached a “transfer agent and service” agreement with The Bank of New York Mellon for its Bitcoin spot ETF.
The Bank of New York Mellon has been appointed as the transfer agent for the trust, which means the bank will be responsible for handling matters related to the issuance and redemption of trust shares, typically involving processing transactions, recordkeeping, and other related processes.
This move indicates that Grayscale aims to enhance the operation and management of its Bitcoin trust by partnering with a reputable bank and address the concerns of the SEC.