Key Points:
According to Reuters, this decision by the SEC comes after the D.C. Circuit Court of Appeals ruled in August that the agency’s rejection of the Grayscale Bitcoin ETF was erroneous. While the decision not to appeal doesn’t guarantee approval, it does expedite the review process.
If reports are accurate, the SEC will now be obligated to comply with the court’s August order, which requires a review of Grayscale Bitcoin ETF’s application to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF. The appeals court is expected to outline specific instructions on how the ruling should be implemented.
A spot Bitcoin ETF would provide investors with exposure to the world’s largest cryptocurrency without requiring direct ownership. However, the SEC has consistently denied such applications, citing concerns about investor protection from market manipulation.
The future steps the SEC will take regarding Grayscale Bitcoin ETF’s application remain uncertain. The agency retains the authority to deny it for different reasons, although such decisions could be contested in court.
Grayscale first applied to transition its closed-end fund into an ETF in October 2021. GBTC, the world’s largest cryptocurrency fund, has faced fluctuations in its discount relative to its Bitcoin holdings.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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