1 year ago
If true, the SEC volition request to reappraisal and marque a determination connected Grayscale's spot Bitcoin ETF application. If denied, Grayscale could entreaty the decision.
The U.S. Securities and Exchange Commission reportedly has nary plans to entreaty the caller tribunal determination that favored Grayscale Investments. The ruling requires the SEC to reappraisal the firm’s spot Bitcoin (BTC) exchange-traded money application.
Benzinga (and others) reporting that Reuters is reporting that the SEC volition NOT beryllium appealing Grayscale case. pic.twitter.com/yd9BBtRwv5
— Eric Balchunas (@EricBalchunas) October 13, 2023The SEC’s expected determination not to entreaty the D.C. Circuit Court of Appeal’s ruling was highlighted successful an Oct. 13 report from Reuters, which cited “a root acquainted with the matter.”
Bloomberg analysts besides expect the SEC not to entreaty to the Supreme Court but emphasized that this doesn’t needfully mean Grayscale’s exertion is acceptable to beryllium approved.
If the reports are true, the SEC volition request to travel the court’s August bid and reappraisal Grayscale’s exertion to alteration its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.
According to Reuters, the appeals tribunal is expected to contented a mandate specifically outlining however its ruling should beryllium “executed” by the SEC.
Commenting connected the developments, Bloomberg ETF expert James Seyffart noted via X that:
“I bash not deliberation they volition entreaty to the Supreme Court either. Dialogue betwixt Grayscale and SEC should statesman adjacent week. Hoping for much info connected adjacent steps sometime adjacent week oregon week after?”1. Done woody I conjecture if this is accurate. No en banc application
2. No. I bash not deliberation they volition entreaty to the Supreme Court either.
3. Dialogue betwixt Grayscale and SEC should statesman adjacent week. Hoping for much info connected adjacent steps sometime adjacent week oregon week after? https://t.co/2EayzqeKGq
Moving forward, Seyffart suggested that it is apt that “we volition find retired successful the adjacent week (or two)” what the deadline is for the SEC to o.k. oregon contradict Grayscale’s spot BTC ETF application.
If the SEC were to contradict the application, Grayscale could past appeal that decision, dragging the process retired adjacent longer.
Related: Bitcoin terms gets caller $25K people arsenic SEC determination time boosts GBTC
As it stands, astir 7 spot Bitcoin ETF applications person been enactment earlier the SEC that are awaiting a determination from the regulator.
In a abstracted preceding X station connected Oct. 13, Seyffart reiterated his presumption that determination is simply a 90% accidental that a spot Bitcoin ETF exertion volition get approved successful January 2024, specifically the exertion from Cathie Wood’s ARK Invest.
— James Seyffart (@JSeyff) October 13, 2023Seyffart and Bloomberg’s elder ETF expert Eric Balchunas, besides antecedently suggested that determination is simply a 75% accidental that an exertion volition get approved successful 2023.
Magazine: Hall of Flame: Crypto lawyer Irina Heaver connected decease threats, suit predictions
English (US) 