SEC Halts Appeal on Grayscale Bitcoin ETF Decision, Reports Suggest

SEC Halts Appeal on Grayscale Bitcoin ETF Decision, Reports Suggest

By: Eliza Bennet

According to multiple reports, the U.S. Securities and Exchange Commission (SEC) does not plan to appeal the court decision that favored Grayscale Investments. This verdict mandates the SEC to evaluate Grayscale's application for a spot Bitcoin exchange-traded fund (ETF). Observers believe that the SEC's purported resolution to accept the D.C. Circuit Court of Appeal's ruling signifies a significant move in the crypto industry. Still, they caution that Grayscale being approved is not a guarantee.

Grayscale currently aims to alter its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF. Should the SEC reject this application, Grayscale reserves the right to challenge that choice, possibly prolonging the process. The timeline for the SEC to approve or deny is forthcoming in the next week or two, industry experts estimate.

Several spot Bitcoin ETF applications await judgments from the regulator. One such application, from Cathie Wood's ARK Invest, is projected to have a 90% chance of being approved in January 2024, according to Bloomberg ETF analyst James Seyffart. As the crypto industry watches these developments with anticipation, the potential approval of a spot Bitcoin ETF could significantly influence the market landscape.

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