Grayscale Court Victory Over SEC in Spot Bitcoin ETF Case Made Final
The SEC failed to appeal the court’s initial ruling in favor of Grayscale.
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The SEC failed to appeal the court’s initial ruling in favor of Grayscale.
Approval is likely before Jan. 10, which is the final deadline for the Ark 21Shares applications, the report said.
Grayscale Investments is waiting for a federal court tomorrow or soon after to formalize the defeat it handed the U.S. Securities and Exchange Commission (SEC) two months ago in the parties’ dispute over a spot bitcoin exchange traded fund (ETF). That federal court action will close the case, legally setting Grayscale’s win in stone.
A fake report about BlackRock’s spot BTC ETF approval Monday spurred a short-lived bitcoin rally to $30,000.
The SEC has hours left to seek an appeal of the court order to erase the agency’s rejection of Grayscale’s trust-to-ETF conversion application.
The efforts from Ark 21Shares and Global X to list spot bitcoin exchange traded funds (ETFs) must now officially wait longer for the U.S. Securities and Exchange Commission (SEC) to either approve or reject or deny their applications as the agency moved to extend deadlines Tuesday.
(GR Stocks/Unsplash, modified by CoinDesk)
The industry push for an ether spot ETF will follow immediately after a bitcoin ETF approval since ETH has a similar market structure of a traded CME futures market and a spot market, the report said.
The U.S. Court of Appeals, in rebuking the securities watchdog, shows that Gary Gensler won’t get the last word on crypto.
Gorast Tasevski and Haan Palcu-Chang of Purpose Investments share thoughts about bitcoin ETFs – and Canada.