The SEC did not take the spot Bitcoin (BTC) exchange-traded fund (ETF) case, in which crypto-focused investment company Grayscale was found right, to the appeals court.
There has been an important development in the ongoing case between Grayscale and the SEC. US Securities and Exchange Commission (SEC) decision not to appeal to the court of appeal took.
U.S. Court of Appeals for the Federal Circuit, Grayscale GBTC fund ETFSEC’s application for conversion to In the lawsuit filed after the rejection He found Grayscale right. Following this development, the SEC took an aggressive stance and signaled that it could object to the decision and take the case to the court of appeal.
To appeal a decision taken by the regulatory body’s court Friday, October 13 had until the day, but there was no no objection. According to the news provided by Reuters and based on a source familiar with the matter, the SEC preferred to remain silent. With the influence of the news flow, Bitcoin rose in a short time 1.5% experienced an increase.
The SEC did not make an official statement on the matter. It is possible that the institution will not take the case to the appellate court, but it is possible that the application for a spot Bitcoin ETF will be rejected. confirmation the possibility has increased. On the other hand, the regulatory agency’s decision not to take the process to the appeals court has affected spot Bitcoin ETFs. Doesn’t mean he will definitely approve..
Talks could start next week
About subject in the statement experienced ETF analyst James Seyffartsaid that negotiations between Grayscale and the SEC will begin next week and that the SEC will probably In the 2 weeks He stated that he would offer a new answer.
If Grayscale becomes the first institution to receive this approval, trillion-dollar investment giants will be waiting in line. BlackRock And Fidelity Spot Bitcoin ETF applications of institutions such as will most likely receive approval.
Market analysts say that if this scenario occurs, the cryptocurrency market, especially Bitcoin, will be affected. billions of dollars worth of cash He thinks there will be a flow.
Bitcoin price rise
Bitcoin experienced a short-term rise after the SEC’s decision not to appeal $27,120 reached up to the band. However, this rise was not permanent. A similar situation occurred after the judge hearing the case found Grayscale right and Bitcoin was a short-term artificial currency. pump-dump It continued its horizontal course by living. According to CoinGecko data Bitcoin while writing from $26,855 is being traded.