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U.S. Securities and Exchange Commission ( SEC ) will not appeal the court ruling regarding the Grayscale Bitcoin ETF.
The SEC announced that it would not appeal the court ruling regarding the Grayscale Bitcoin ETF. The court had previously found the SEC’s rejection decision unfair, and the case concluded in favor of Grayscale. With the news last night, the SEC needs to review Grayscale’s application for a spot Bitcoin ETF.
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The decision not to appeal the decision of the D.C. The SEC announced the Circuit Court, as reported by Reuters on October 13, according to a source familiar with the matter.
Bloomberg analysts anticipate that the SEC won’t submit an application to the Supreme Court, but they emphasize that this doesn’t guarantee approval for Grayscale’s application. According to the reports, the SEC must obey the court’s August decision and revisit Grayscale’s application to convert the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.
The appeal court is expected to issue instructions summarizing how its decision should be implemented.
According to Bloomberg ETF analyst James Seyffart, the likelihood of applying to the Supreme Court is low. Grayscale and the SEC are set to commence a dialogue next week. The SEC must approve or reject Grayscale’s spot BTC ETF application by next week or the week after.
If the SEC rejects the application, Grayscale can extend the process by appealing this decision.
On the other hand, the SEC currently has about seven pending spot Bitcoin ETF applications. Seyffart stated that the likelihood of approving a spot Bitcoin ETF application, particularly ARK Invest’s application, is 90% by January 2024.
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