SEC Decision Not to Appeal Boosts Odds for Grayscale Bitcoin Trust (GBTC) ETF Conversion
Recent reports indicate that the U.S. Securities and Exchange Commission (SEC) has chosen not to appeal the Grayscale decision, as Bloomberg's ETF analyst, James Seyffart, weighed in on the matter, suggesting that spot Bitcoin ETF approvals are now highly likely, deeming it a "done deal" in his October 13 post.
In a significant development, the SEC has chosen not to contest a court's forceful reversal of its decision to deny Grayscale's request to convert its bitcoin trust into a more accessible exchange-traded fund (ETF). The SEC had until midnight on Friday to determine whether to challenge the court's ruling. However, the SEC allowed this deadline to pass without pursuing an appeal. In response to this news, Bitcoin (BTC) experienced a surge, surpassing $27,000, currently trading around $27,950.
On October 15, Grayscale also confirmed that the SEC's 45-day window to request a rehearing has lapsed. Consequently, the court is set to issue its "final mandate" within the next seven calendar days.
Grayscale reiterated its operational readiness to convert the Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF) upon receiving approval from the SEC. They stated, "The Grayscale team remains operationally ready to convert GBTC to an ETF upon the SEC's approval, and we look forward to sharing more information as soon as practicable."
This development signifies a noteworthy shift in the regulatory landscape, kindling hopes for a more accessible investment vehicle for Bitcoin through an ETF.
In August, the D.C. Circuit Court of Appeals made a significant ruling, declaring the SEC’s denial of Grayscale Investment's application to convert the Grayscale Bitcoin Trust (GBTC) into an ETF as "arbitrary and capricious." The
Read more on cryptonews.com
