SEC Doesn’t Plan To Appeal Grayscale Bitcoin ETF Decision
The post SEC Doesn’t Plan To Appeal Grayscale Bitcoin ETF Decision appeared on BitcoinEthereumNews.com. Table of Contents The United States Securities and Exchange Commission does not plan to appeal the decision in the Grayscale case, boosting the chances of the Grayscale Bitcoin Trust turning into an ETF. The price of Bitcoin registered an immediate increase after the news broke. SEC Not Planning To Appeal The United States Securities and Exchange Commission has decided against appealing a recent court ruling that stated the commission was wrong in rejecting an application from Grayscale Investments to create a stop bitcoin exchange-traded fund (ETF). The court, in its ruling, was extremely critical of the SEC for not letting Grayscale convert its bitcoin trust into an investor-friendly exchange-traded fund. The case between the SEC and Grayscale has been closely watched by the crypto industry, which has been trying to advance ETFs for several years. The Securities and Exchange Commission had until Friday midnight to decide on whether it wanted to challenge the court’s decision. However, the SEC let that deadline pass without filing an appeal. The price of Bitcoin pushed past the $27,000 mark following the news of the SEC deciding against appealing. A spot bitcoin ETF would allow investors to gain exposure to the world’s largest cryptocurrency without actually owning the asset. So far, the SEC has denied all spot bitcoin ETF applications, including the one by Grayscale. The Securities and Exchange Commission stated that the applicants have not shown they can protect investors from market manipulation as the reason behind the rejections. SEC Decision Arbitrary And Capricious Following the SEC’s denial, Grayscale sued the regulator, arguing that the agency had previously approved certain surveillance agreements designed to prevent fraud in bitcoin futures-based ETFs. Grayscale argued the same setup should be satisfactory for Grayscale’s spot bitcoin ETF since both spot and futures funds rely on bitcoin’s price. The…
The post SEC Doesn’t Plan To Appeal Grayscale Bitcoin ETF Decision appeared on BitcoinEthereumNews.com.
Table of Contents The United States Securities and Exchange Commission does not plan to appeal the decision in the Grayscale case, boosting the chances of the Grayscale Bitcoin Trust turning into an ETF. The price of Bitcoin registered an immediate increase after the news broke. SEC Not Planning To Appeal The United States Securities and Exchange Commission has decided against appealing a recent court ruling that stated the commission was wrong in rejecting an application from Grayscale Investments to create a stop bitcoin exchange-traded fund (ETF). The court, in its ruling, was extremely critical of the SEC for not letting Grayscale convert its bitcoin trust into an investor-friendly exchange-traded fund. The case between the SEC and Grayscale has been closely watched by the crypto industry, which has been trying to advance ETFs for several years. The Securities and Exchange Commission had until Friday midnight to decide on whether it wanted to challenge the court’s decision. However, the SEC let that deadline pass without filing an appeal. The price of Bitcoin pushed past the $27,000 mark following the news of the SEC deciding against appealing. A spot bitcoin ETF would allow investors to gain exposure to the world’s largest cryptocurrency without actually owning the asset. So far, the SEC has denied all spot bitcoin ETF applications, including the one by Grayscale. The Securities and Exchange Commission stated that the applicants have not shown they can protect investors from market manipulation as the reason behind the rejections. SEC Decision Arbitrary And Capricious Following the SEC’s denial, Grayscale sued the regulator, arguing that the agency had previously approved certain surveillance agreements designed to prevent fraud in bitcoin futures-based ETFs. Grayscale argued the same setup should be satisfactory for Grayscale’s spot bitcoin ETF since both spot and futures funds rely on bitcoin’s price. The…
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