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Grayscale has applied to the SEC to launch an ETF on Bittensor (TAO). That is, one of the largest crypto asset managers is officially requesting approval from U.S. authorities for a product based on this asset.
They discovered it from ChainCatcher: a preliminary filing with the SEC for this ETF on Bittensor. If approved, it would mean that TAO would also gain access to the U.S. ETF market, just like Bitcoin and Ethereum.
It's interesting because TAO isn't one of those mainstream projects you see everywhere. Bittensor is a decentralized network for machine learning, and the fact that Grayscale is submitting an application to the SEC for an ETF on this asset indicates they are starting to consider more niche projects as institutional assets.
If the ETF on Bittensor gets approved, it could be an important signal: the SEC is becoming more open to products based on alternative crypto assets, not just the usual Bitcoin and Ethereum. Or at least, Grayscale thinks it's the right time to try.
Do you think it will pass? It's strange that there's no more talk about this.