We are going through historic days now. It is time for some of the dark clouds over the cryptocurrency market to disperse. Grayscale’s victory against the SEC in the Spot Bitcoin ETF case was finalized with the court’s decision in its favor.
The obstacles to Spot Bitcoin ETF are being removed one by one!
cryptokoin.comAs you’ve been following on, there’s progress on one of the biggest pressures on the crypto market. Grayscale’s application to convert its GBTC into a spot Bitcoin ETF will now be re-evaluated by the SEC. The D.C. Court of Appeals closed the dispute between the U.S. Securities and Exchange Commission (SEC) and Grayscale with a final decision that effectively ordered the agency to reject the asset manager’s application for a spot Bitcoin ETF.
The formal closing of the case on Monday solidifies the court’s initial ruling two months ago that the SEC was “arbitrary and capricious” in its decision to reject Grayscale’s attempt to convert its nearly $17 billion Grayscale Bitcoin Trust (GBTC) into a spot ETF. The SEC chose not to appeal this decision, making today’s action a formality.
How will the next process work?
The ball now returns to the SEC’s court. In this case, the agency may choose to approve Grayscale’s application or perhaps reject it on other grounds. The SEC is also in the process of deciding on numerous other spot Bitcoin ETF applications, including those from asset management giants BlackRock, Fidelity and Franklin Templeton. Spokesperson Jennifer Rosenthal said in a statement following the conclusion of the case on Monday:
The Grayscale team looks forward to continuing to work constructively with the SEC to develop GBTC into an ETF. GBTC is operationally ready. Additionally, we intend to act as quickly as possible on behalf of our investors.
Details coming…
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