The court that told the SEC to change its decision on Grayscale’s Bitcoin ETF will make that decision permanent by Monday.
A federal court is about to make Grayscale’s victory against the SEC official in the dispute over a Bitcoin ETF application. It’s not clear if the court will give the SEC a specific deadline for reconsidering the application.
Grayscale Investments is awaiting a federal court decision, which is expected tomorrow or in the near future, to officially confirm its victory over the U.S. Securities and Exchange Commission (SEC) in their dispute over a Bitcoin ETF. This court action will finalize the case and legally establish Grayscale’s win.
Deadline Looms for Grayscale ETF Case
The D.C. Circuit Court of Appeals had a seven-day window to wrap up the case after the SEC chose not to appeal a ruling requiring it to reconsider Grayscale’s ETF application. This deadline arrives on Friday.
The court has two options: close the case without comment or provide further instructions to the SEC. This decision sparks uncertainty about the fate of Grayscale’s application. The SEC might reject it again with different reasons or choose to approve it and similar applications from BlackRock and Fidelity.
SEC Expected to Approve New ETFs, Grayscale Readies Conversion
Industry insiders anticipate the SEC’s approval of new ETFs, though the timing remains uncertain, possibly later this year or in 2024. Grayscale intends to convert its Bitcoin Trust (GBTC) into an exchange-traded product, planning to list it on NYSE Arca for broader investor access.
The final court decision is expected on the Friday deadline but could extend to Monday due to a late midnight deadline, as per an insider familiar with the case. Grayscale is fully prepared to convert GBTC into an ETF and is eager to collaborate promptly with the SEC, says spokeswoman Jennifer Rosenthal.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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