The US appeals court will make an important decision tomorrow in the Bitcoin ETF case between Grayscale and the SEC.
Grayscale, which was trying to turn its Bitcoin trust into an ETF, sued the U.S. Securities and Exchange Commission and won in court in August.
The court decided that this decision a few months ago A decision will be made tomorrow as to whether it will be implemented or not. will give. Financial lawyer Scott Johnson according to If there is no request for a retrial of the case, the court will either close the case or give new instructions that will extend the process.
Bloomberg Intelligence analyst James Seyffart said this about tomorrow’s decision:
“We expect some sort of announcement or sharing of additional information by the SEC, Grayscale, or perhaps the court as to what happens next. “We cannot know exactly how the process will work because this is not something that has been seen before.”
Any progress in Grayscale’s efforts to establish a spot Bitcoin ETF would further alleviate some of the uncertainty in the sector. The fact that the SEC did not object to the decision taken in August gives investors hope. Galaxy Digital CEO Michael Novogratz comments on SEC’s ETF applications to be approved within this year waiting.
Bloomberg Intelligence analysts say ETF applications from companies such as Grayscale and BlackRock can be approved simultaneously he thinks. ARK Investment Management CEO Cathie Wood also filed a lawsuit against the SEC at the same time. to more than one application He thinks he can give the green light.