Leading digital currency asset manager, Grayscale <a href="https://www.globenewswire.com/news-release/2020/01/21/1973013/0/en/Grayscale-Bitcoin-Trust-Becomes-SEC-Reporting-Company.html">announced</a> that its <a href="https://www.cryptoknowmics.com/crypto/bitcoin-btc-way-cheaper-and-better-than-bch-tone-vays/">Bitcoin</a> Trust (GBTC) has been officially approved as a United States Securities and Exchange Commission (SEC) reporting company. 

GBTC mainly deal on Bitcoin, and exposes investors to the cryptocurrency in the form of security, without having them worry about purchasing, storing, and safekeeping their Bitcoin directly. 

As reported, Grayscale Bitcoin Trust filed a Registration Statement on Form 10 with the Securities and Exchange Commission in November 2019 to attain the position. The approval today makes it the first SEC reporting crypto investment platform.

The development also means that Grayscale Bitcoin Trust shares pursuant are registered to Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), according to the document.

Hence, GBTC needs to now fulfil the requirements of Regulation 13A under the Exchange Act. This would require the trust to file reports for 'Form 10-K' annually, and also reports on 'Form 10-Q' quarterly, and current reports on 'Form 8-K.'

Also, as a registered U.S SEC reporting company, Grayscale Bitcoin Trust will be required to comply with every other "obligation of the Exchange Act applicable to issuers filing Registration Statements pursuant to Section 12(g) of the Exchange Act."
<h2>What Would Differ For Grayscale Bitcoin Trust Users</h2>
The managing director at Grayscale Investment, Michael Sonnenshein noted:
<blockquote>“Grayscale voluntarily pursued this designation and will continue to work within existing regulatory frameworks. Today’s announcement should signal to investors that our regulators are willing to engage with our products and our space as a whole."</blockquote>
Also, accredited investors who purchased shares from the Trust’s private placement tends to gain earlier liquidity opportunity from the development, given that the 12 months statutory holding period of shares purchased through the private placement is set to reduce to 6 months.

The document, however, added that this could only be achieved, provided that the other requirements under "Rule 144 of the Securities Act of 1933, as amended (the “Securities Act”) have been satisfied."

U.S SEC Approves Grayscale Bitcoin Trust as a Reporting Company

Asset manager Grayscale announced that its Bitcoin Trust (GBTC) has been officially approved as United States SEC reporting company. 

Ibiam Wayas is an optimistic crypto news reporter who also enjoys tech writing. He is an introvert who spends much of his time on the internet studying facts that will help him excel in the digital/cryptocurrency space.

U.S SEC Approves Grayscale Bitcoin Trust as a Reporting Company

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