US Court Orders SEC To Re-Review Grayscale Bitcoin ETF Application

Bitcoin ETF

The US Court of Appeals has directed the US Securities and Exchange Commission (SEC) to take another look at Grayscale Investment’s request to change its Bitcoin Trust into a Bitcoin ETF, a move that has had a positive impact on crypto market sentiment.

Join CryptosHeadline's Official Telegram Community Channel

In a significant development, the US Court of Appeals upheld its August 29 decision, stating that the SEC’s previous approval of Bitcoin Futures ETFs while denying spot Bitcoin ETFs was “arbitrary and capricious.” The SEC did not contest this ruling.

Following this, Grayscale submitted an S-3 form registration settlement with the SEC on October 19, aiming to list Grayscale Bitcoin Trust shares on the New York Stock Exchange Arca using the GBTC ticker symbol.

Notably, the SEC has yet to approve any spot cryptocurrency ETF in the United States, drawing criticism from the crypto community and certain lawmakers, including House Financial Services Committee Chair Patrick McHenry.

Spot Bitcoin ETF Approval Expected Amid Growing Pressure

As pressure mounts on the U.S. Securities and Exchange Commission (SEC), there’s growing anticipation of an approval for a spot Bitcoin ETF. BlackRock, the world’s largest asset manager, set the stage by filing for a spot Bitcoin ETF in June, encouraging other firms to reapply.

BlackRock’s ETF, the iShares Bitcoin Trust, may be on its way to the market as it gets listed on the Depository Trust & Clearing Corporation (DTCC), offering clearing and settlement services for NASDAQ trades.

Investors are closely watching Bitcoin’s price, which recently surged to an 18-month high, leading to substantial liquidations of Bitcoin shorts. BTC was trading at $34,518 at 7:15 am ET.

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.

Join Cryptos Headlines Community

Follow Cryptos Headlines on Google News


  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

Leave a Reply

Your email address will not be published. Required fields are marked *