Bitcoin Breaks $36K as the SEC Starts Negotiations with Grayscale

Written by BTSE

November 9, 2023

As the crypto world turns its eyes towards the next approval window for Bitcoin ETFs, market sentiment appears to be quite optimistic. Bitcoin (BTC) is edging closer to the $36K mark, a bullish signal for crypto enthusiasts. Ethereum (ETH) also shows a promising uptick, breaching the $1.9K threshold with a 1.37% gain, while Solana (SOL) increased to around $43.9. 

With anticipation building up, it begs the question: Are we on the cusp of a major crypto bull run?

Congress Puts the Brakes on SEC’s Crypto Enforcements: In a bold move, the U.S. House’s latest spending bill may cut the SEC’s budget for crypto enforcement, a direct challenge to Chair Gary Gensler’s strict regulatory approach. With the Senate’s decision pending and the clock ticking on the government’s temporary funding, the crypto industry watches closely. Could this legislative check on the SEC pave the way for more industry-friendly regulation and foster innovation, or will it weaken investor protections? 

Washington’s Hard Line on Chinese Crypto Influence: The U.S. government takes a stance against China-made blockchains, and Tether’s USDT may be caught in the crossfire if the CLARITY Act passes. With national security at stake, the bill reflects growing apprehension about foreign influence in critical infrastructure. As blockchain becomes more intertwined with personal data, the threat of foreign interference looms larger. Could this legislation negatively impact stablecoin prices?

Grayscale’s Dialogue with the SEC: The SEC opens a critical negotiation window with Grayscale about its Bitcoin ETF. This comes on the heels of Grayscale’s legal win, fueling speculation about possible ETF approvals. With analysts predicting a green light for pending applications, the outcome could significantly alter the landscape of crypto investments. Will the SEC’s discussions with Grayscale lead to a watershed moment for Bitcoin ETFs, and the next crypto bull run?

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