SEC Won’t Challenge Grayscale’s Court Win, Bringing Spot Bitcoin ETFs Closer Than Ever ⋆ ZyCrypto
The post SEC Won’t Challenge Grayscale’s Court Win, Bringing Spot Bitcoin ETFs Closer Than Ever ⋆ ZyCrypto appeared on BitcoinEthereumNews.com. Advertisement     The United States Securities and Exchange Commission (SEC) reportedly has no plans to appeal the groundbreaking loss in the Grayscale Investments case. An anonymous individual familiar with the matter recently revealed, boosting the odds of the Grayscale Bitcoin Trust (GBTC) being converted into a spot Bitcoin exchange-traded fund (ETF). SEC Opts Not To Appeal Grayscale Bitcoin ETF Ruling The U.S. SEC has reportedly decided not to appeal the recent court ruling that favored Grayscale Investments. According to a Reuters report citing an unnamed person familiar with the matter, the SEC had until Friday midnight to make a decision on whether it would be challenging the loss, but the securities regulator let that deadline come and go without lodging an appeal. The D.C. Circuit Court of Appeals ruled in August that the SEC’s denial of Grayscale’s bid to transform its flagship Grayscale Bitcoin Trust (GBTC) into a spot ETF was invalid and had to be re-reviewed, describing it as an “arbitrary and capricious” rejection. The court contended that since the SEC had greenlighted Bitcoin futures ETFs, it could not also reject spot-based products. Now that the SEC does not intend to appeal, pundits believe that the agency will likely start looking into Grayscale’s application. Advertisement     The Bitcoin price soared by over 1.3%, in the minutes following the report on the SEC’s plans to forego an appeal, climbing above the $27,000 mark. It’s worth mentioning that Grayscale is also attempting to convert its Ethereum Trust into a spot Ethereum ETF following the SEC’s approval of the first futures Ethereum ETFs on October 2. Bloomberg Analysts Remain Optimistic On Spot Bitcoin ETF Approval Although the SEC will now have to revisit Grayscale’s filing, that doesn’t mean a spot market Bitcoin ETF will be automatically approved. The SEC could…
The post SEC Won’t Challenge Grayscale’s Court Win, Bringing Spot Bitcoin ETFs Closer Than Ever ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement The United States Securities and Exchange Commission (SEC) reportedly has no plans to appeal the groundbreaking loss in the Grayscale Investments case. An anonymous individual familiar with the matter recently revealed, boosting the odds of the Grayscale Bitcoin Trust (GBTC) being converted into a spot Bitcoin exchange-traded fund (ETF). SEC Opts Not To Appeal Grayscale Bitcoin ETF Ruling The U.S. SEC has reportedly decided not to appeal the recent court ruling that favored Grayscale Investments. According to a Reuters report citing an unnamed person familiar with the matter, the SEC had until Friday midnight to make a decision on whether it would be challenging the loss, but the securities regulator let that deadline come and go without lodging an appeal. The D.C. Circuit Court of Appeals ruled in August that the SEC’s denial of Grayscale’s bid to transform its flagship Grayscale Bitcoin Trust (GBTC) into a spot ETF was invalid and had to be re-reviewed, describing it as an “arbitrary and capricious” rejection. The court contended that since the SEC had greenlighted Bitcoin futures ETFs, it could not also reject spot-based products. Now that the SEC does not intend to appeal, pundits believe that the agency will likely start looking into Grayscale’s application. Advertisement The Bitcoin price soared by over 1.3%, in the minutes following the report on the SEC’s plans to forego an appeal, climbing above the $27,000 mark. It’s worth mentioning that Grayscale is also attempting to convert its Ethereum Trust into a spot Ethereum ETF following the SEC’s approval of the first futures Ethereum ETFs on October 2. Bloomberg Analysts Remain Optimistic On Spot Bitcoin ETF Approval Although the SEC will now have to revisit Grayscale’s filing, that doesn’t mean a spot market Bitcoin ETF will be automatically approved. The SEC could…
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