The Securities and Exchange Commission (SEC) will not contest a court ruling favoring Grayscale’s proposed spot Bitcoin exchange-traded fund (ETF).

An Oct. 14 update from Bloomberg citing an inside source has revealed that the SEC has chosen not to appeal the District of Columbia Court of Appeals’ decision from August, which argued that the regulator had erred in dismissing Grayscale’s Bitcoin exchange-traded fund application.

The case has been under the industry’s microscope as various players in the financial landscape have vied for the approval of spot Bitcoin ETFs in recent times.

The SEC’s surprising move to step back may well set the stage for a comprehensive review of Grayscale’s proposal.

The investment giant’s proposed ETF is designed to expose clients to Bitcoin (BTC), the world’s leading cryptocurrency by market capitalization, without requiring direct ownership.

Previously, the SEC thwarted all spot Bitcoin ETF applications, including Grayscale’s, on the premise that applicants could not adequately shield investors from potential market manipulation.

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Author: Julius Mutunkei

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