SEC Won’t Appeal Court Decision on Grayscale Bitcoin ETF

Grayscale Investments Court Ruling

The recent court decision that favored Grayscale Investments has been met with no plans to appeal from the U.S. Securities and Exchange Commission, according to a source familiar with the matter. The ruling requires the SEC to review the firm’s spot Bitcoin (BTC) exchange-traded fund application.

Bloomberg analysts also predict that the SEC is not likely to appeal to the Supreme Court, but this does not necessarily mean that the Grayscale application will be approved.

If the reports are true, the SEC must comply with the court’s August order and review Grayscale’s application to change its Grayscale Bitcoin Trust (GBTC) into a spot crypto ETF.

SEC’s Ruling on Grayscale’s BTC ETF Application

Reuters reported that the appeals court is set to issue a mandate that will clarify how the SEC should put its ruling into effect. According to Bloomberg ETF analyst James Seyffart, it is likely that within the next week or two, the SEC will decide whether to approve or deny Grayscale’s Bitcoin ETF application.

Should the SEC deny the crypto application, Grayscale could then launch an appeal, which could prolong the process.

As the crypto market continues to evolve, investors are looking to the best sources of crypto information, such as Bloomberg and Reddit, to determine which crypto assets are worth following and which ones to review in January 2022.

For now, it appears that the crypto of the week is the potential approval of Grayscale’s spot BTC ETF, as the SEC’s decision will have a major impact on the crypto market.

Spot Bitcoin ETF Awaiting SEC Decision

Currently, seven applications for a spot Bitcoin ETF have been presented to the SEC and are awaiting a ruling.

On October 13th, analyst Tobias Seyffart suggested that there is a 90% chance that the application from Cathie Wood’s ARK Invest will be approved in January 2024. Additionally, he and Bloomberg’s senior ETF analyst Eric Balchunas predicted that there is a 75% chance that an application will be accepted in 2023.

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