Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Global asset manager BlackRock met with the United States Securities and Exchange Commission (SEC) to discuss the regulator’s concerns about a spot Bitcoin exchange-traded fund (ETF). Meanwhile, OpenAI says it has reached an agreement in principle for Sam Altman to return as CEO, and Grayscale Investments met with the SEC about transforming its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.
BlackRock met with SEC regarding spot Bitcoin ETF
Representatives from BlackRock met with the United States Securities and Exchange Commission to discuss pathways for launching the country’s first spot Bitcoin exchange-traded fund.
According to a recently released SEC memo, BlackRock provided the regulator with a presentation about potential redemption models for its proposed spot Bitcoin ETF. It’s unclear whether the securities regulator responded to any of the proposed models.
Looks like @BlackRock also met with SEC! There’s a couple slides in relation to in-kind vs cash creation. Based on this it looks like BlackRock prefers in-kind for their #bitcoin ETF (makes sense as its probably cleanest structure for them & end investors)
h/t @btcNLNico https://t.co/AK0XspL4zJ pic.twitter.com/eeuUT9T5mn— James Seyffart (@JSeyff) November 22, 2023
BlackRock is said to be the front-runner in the quest to launch the U.S.’s first spot Bitcoin ETF. The asset manager has a nearly perfect approval record for its various fund offerings. BlackRock’s initial application was submitted to the SEC in June.
OpenAI to rehire Sam Altman as CEO with new initial board members
Two days after Microsoft CEO Satya Nadella hired former OpenAI CEO Sam Altman to lead a new advanced artificial intelligence (AI) research team, OpenAI backtracked its decision to fire its co-founder.
On Nov. 22, OpenAI announced a new agreement that would see Altman return as CEO. The company confirmed the agreement in a post on its official X (formerly Twitter) account.
According to OpenAI, the company and Altman “are collaborating to figure out the details.” Altman reciprocated his willingness to join OpenAI by reposting the announcement with a heart emoji.
i love openai, and everything i’ve done over the past few days has been in service of keeping this team and its mission together. when i decided to join msft on sun evening, it was clear that was the best path for me and the team. with the new board and w satya’s support, i’m…
— Sam Altman (@sama) November 22, 2023
Altman openly expressed his “love” for OpenAI as he decided to withdraw from his new role at Microsoft, adding, “I’m looking forward to returning to OpenAI, and building on our strong partnership with Microsoft.”
Grayscale hashed out spot Bitcoin ETF details with SEC
Grayscale executives, including CEO Michael Sonnenshein, met with the SEC on Nov. 20 to discuss details of its flagship GBTC, which the asset manager wants to turn into a spot Bitcoin ETF.
The discussions “concerned 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 shared that Grayscale entered a Transfer Agency and Service Agreement with BNY Mellon, which will act as the agent for its GBTC, facilitating the issuance and redemption of shares and maintaining shareholder accounts.
Seyffart added Grayscale’s agreement with BNY Mellon was “likely something that was always going to be required at some point” and isn’t an indicator that the GBTC will soon be converted.
Since it feels like everyone is asking. Events of the last few days haven’t changed my & @EricBalchunas’ odds. We can’t go any higher than 90% by Jan 10th. That said, things are continuing to move forward in our view.
— James Seyffart (@JSeyff) November 21, 2023
The meeting follows a U.S. appellate court issuing a mandate in October for the SEC to review its decision to deny Grayscale’s bid to convert the GBTC to a spot ETF.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
