Oct 14, 2023

SEC Won’t Appeal Court Decision on Grayscale Bitcoin ETF Investment

SEC Won't Appeal Court Decision on Grayscale Bitcoin ETF Investment in Web 3.0
SEC reportedly won’t appeal court decision on Grayscale Bitcoin ETF

SEC and Grayscale Investments Ruling

The United States Securities and Exchange Commission (SEC) reportedly has no plans to appeal the recent court decision that favored Grayscale Investments, which required the SEC to review the firm’s spot Bitcoin (BTC) exchange-traded fund (ETF) application. This was highlighted in an Oct. 13 report from Reuters, citing “a source familiar with the matter.”

Bloomberg analysts also expect the SEC not to appeal to the Supreme Court, but they emphasize that this doesn’t necessarily mean Grayscale’s application is set to be approved. If the reports are true, the SEC will have to review Grayscale’s application to change its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, as ordered by the D.C. Circuit Court of Appeal in August.

SEC Crypto Today: Expected Ruling and Grayscale’s ETF Application

According to Reuters, the appeals court is expected to issue a mandate that will explain how its ruling should be “executed” by the SEC. Bloomberg ETF analyst James Seyffart commented on the developments via X, suggesting that it is likely that “we will find out in the next week (or two)” what the deadline is for the SEC to approve or deny Grayscale’s spot BTC ETF application.

If the SEC were to reject the application, Grayscale could then appeal that decision, potentially dragging the process out even longer.

The SEC crypto today developments have been closely watched by many investors, especially those interested in web 3.0 investments, as the best source for crypto. The apple health application is a web 3.0 application and integrates three features: recent AI, Voyager crypto exchange, and the apple health application.

SEC Crypto Today

At present, the SEC has received seven applications for Bitcoin ETFs and is in the process of making a decision.

Recently, X stated that there is a 90% probability that the application from Cathie Wood’s ARK Invest will be approved in January 2024. Moreover, Seyffart and Bloomberg’s senior ETF analyst Eric Balchunas have also expressed that there is a 75% chance of a positive outcome in 2023.

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