Bitcoin at $31K as court formalizes Grayscale win over SEC
The post Bitcoin at $31K as court formalizes Grayscale win over SEC appeared on BitcoinEthereumNews.com. The DC Circuit Court of Appeals has formalized Grayscale Investments’ court win over the US Securities and Exchange Commission — sending the onus back to the regulator. A three-judge panel ruled unanimously in August that the SEC rejecting Grayscale’s proposal to convert its bitcoin trust (GBTC) to an ETF — but allowing bitcoin futures funds to launch — was “arbitrary and capricious.” The court said at the time that the commission’s order denying the GBTC conversion would be “vacated.” The final mandate affirming its decision — filed Monday — comes 10 days after the SEC’s 45-day window to appeal the court loss to Grayscale expired. “The Grayscale team looks forward to continuing to work constructively with the SEC to convert GBTC to an ETF,” a Grayscale spokesperson told Blockworks Monday. “GBTC is operationally ready, and we intend to move as expeditiously as possible on behalf of our investors.” As some expected, the mandate did not offer clarity on next steps. Bloomberg Intelligence analyst James Seyffart noted in an X post last week: “It’s not gonna be some massive market moving document dictating what the SEC has to do. It’s procedural.” Read more: What the judges said: unpacking the Grayscale court ruling Still, Nate Geraci, president of The ETF Store, said in a Sunday X post that the formalized ruling would be another step towards spot bitcoin ETF approval. The first proposal for such a product came in 2013. “Say what you will about Grayscale, but their legal efforts have paved way for every issuer,” Geraci wrote. Bitcoin ETF approval incoming? Optimism from a number of industry executives and segment observers around the potential approval of a spot bitcoin ETF in the coming months has grown. Bitcoin’s (BTC) price eclipsed $31,000 Monday — up about 10% in the last week —…
The post Bitcoin at $31K as court formalizes Grayscale win over SEC appeared on BitcoinEthereumNews.com.
The DC Circuit Court of Appeals has formalized Grayscale Investments’ court win over the US Securities and Exchange Commission — sending the onus back to the regulator. A three-judge panel ruled unanimously in August that the SEC rejecting Grayscale’s proposal to convert its bitcoin trust (GBTC) to an ETF — but allowing bitcoin futures funds to launch — was “arbitrary and capricious.” The court said at the time that the commission’s order denying the GBTC conversion would be “vacated.” The final mandate affirming its decision — filed Monday — comes 10 days after the SEC’s 45-day window to appeal the court loss to Grayscale expired. “The Grayscale team looks forward to continuing to work constructively with the SEC to convert GBTC to an ETF,” a Grayscale spokesperson told Blockworks Monday. “GBTC is operationally ready, and we intend to move as expeditiously as possible on behalf of our investors.” As some expected, the mandate did not offer clarity on next steps. Bloomberg Intelligence analyst James Seyffart noted in an X post last week: “It’s not gonna be some massive market moving document dictating what the SEC has to do. It’s procedural.” Read more: What the judges said: unpacking the Grayscale court ruling Still, Nate Geraci, president of The ETF Store, said in a Sunday X post that the formalized ruling would be another step towards spot bitcoin ETF approval. The first proposal for such a product came in 2013. “Say what you will about Grayscale, but their legal efforts have paved way for every issuer,” Geraci wrote. Bitcoin ETF approval incoming? Optimism from a number of industry executives and segment observers around the potential approval of a spot bitcoin ETF in the coming months has grown. Bitcoin’s (BTC) price eclipsed $31,000 Monday — up about 10% in the last week —…
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