Grayscale hires John Hoffman as managing director or prepares to launch spot Bitcoin ETF

According to a memo released this week, the US Securities and Exchange Commission (SEC) is in official contact with asset management companies before making a decision on whether to approve a Bitcoin ETF. The regulatory agency stated in a memo that it met with Grayscale on Thursday to discuss the potential conversion of its Bitcoin Trust fund into an ETF. SEC officials also met with representatives from BlackRock and Nasdaq. While the SEC may still decide to block crypto ETFs, many industry experts expect such funds to launch in the US early next year. In recent months, the regulatory agency has delayed decisions on several Bitcoin funds and may choose to approve or reject all applications around the same time.

Gary Gensler, the chairman of the SEC, has been a vocal critic of cryptocurrencies, but in a recent public appearance, he stated that he would listen to staff opinions on potential Bitcoin ETFs.

Grayscale recently hired John Hoffman, a longtime executive at Invesco ETF, as its general manager. Hoffman will oversee distribution and strategic partnerships at Grayscale, indicating that the crypto asset management company is preparing to launch the fund after approval.