What to expect with the final Grayscale-SEC court mandate imminent
The post What to expect with the final Grayscale-SEC court mandate imminent appeared on BitcoinEthereumNews.com. A final order by the DC Circuit Court of Appeals in Grayscale Investments’ win over the US Securities and Exchange Commission could offer some clarity for those awaiting spot bitcoin ETFs. Or not. Language by the judges will matter, one lawyer noted, as the court might limit how the SEC can deny the conversion of the Grayscale Bitcoin Trust (GBTC) to an ETF — should it choose to — going forward. Though the SEC decided not to challenge a court ruling that undermined its method to block GBTC’s proposed conversion, many still expect it could take weeks or months before bitcoin ETFs hit the market. The SEC’s chance to request a rehearing passed on Oct. 13. The DC Circuit Court of Appeals is now set to issue a “final mandate” within seven days of that date, a Grayscale spokesperson said in a statement. The court may extend its time to issue a mandate, according to federal rules of appellate procedure. Because the SEC’s window to request a re-hearing expired late last Friday, the court’s order might not be published until Monday, a source familiar with the matter told Blockworks. “The Grayscale team remains operationally ready to convert GBTC to an ETF upon the SEC’s approval, and we look forward to sharing more information as soon as practicable,” a firm representative said. Final ruling and what it could mean As Grayscale — and the industry — await the court’s final mandate, one thing appears clear: The court will order the SEC to reconsider its decision to deny GBTC’s conversion to an ETF, according to Arie Heijkoop, partner at law firm Haynes Boone. Still, details and scope of the court’s order — as well as the SEC’s upcoming move in response — remain unclear. The SEC has declined to comment on the…
The post What to expect with the final Grayscale-SEC court mandate imminent appeared on BitcoinEthereumNews.com.
A final order by the DC Circuit Court of Appeals in Grayscale Investments’ win over the US Securities and Exchange Commission could offer some clarity for those awaiting spot bitcoin ETFs. Or not. Language by the judges will matter, one lawyer noted, as the court might limit how the SEC can deny the conversion of the Grayscale Bitcoin Trust (GBTC) to an ETF — should it choose to — going forward. Though the SEC decided not to challenge a court ruling that undermined its method to block GBTC’s proposed conversion, many still expect it could take weeks or months before bitcoin ETFs hit the market. The SEC’s chance to request a rehearing passed on Oct. 13. The DC Circuit Court of Appeals is now set to issue a “final mandate” within seven days of that date, a Grayscale spokesperson said in a statement. The court may extend its time to issue a mandate, according to federal rules of appellate procedure. Because the SEC’s window to request a re-hearing expired late last Friday, the court’s order might not be published until Monday, a source familiar with the matter told Blockworks. “The Grayscale team remains operationally ready to convert GBTC to an ETF upon the SEC’s approval, and we look forward to sharing more information as soon as practicable,” a firm representative said. Final ruling and what it could mean As Grayscale — and the industry — await the court’s final mandate, one thing appears clear: The court will order the SEC to reconsider its decision to deny GBTC’s conversion to an ETF, according to Arie Heijkoop, partner at law firm Haynes Boone. Still, details and scope of the court’s order — as well as the SEC’s upcoming move in response — remain unclear. The SEC has declined to comment on the…
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