The United States Securities and Exchange Commission (SEC) has reportedly decided not to appeal the recent court’s decision regarding a case between the federal securities regulator and Grayscale Investments.
In a high-profile ruling on August 29, the US District of Columbia Court of Appeals granted the prominent asset manager’s request to convert its Grayscale Bitcoin Trust into a spot Bitcoin exchange-traded fund (ETF) following an initial denial by the SEC.
While there may have been speculations about the US regulator potentially mounting a challenge to this ruling, a Friday report by Reuters states that the SEC would not be taking that route, according to a source close to the matter.
SEC Accepts To Review Grayscale ETF Application
Based on the report quoted above, the SEC is now mandated to review Grayscale’s application to convert its GBTC fund into a spot Bitcoin ETF. However, it is worth noting that this development does not result in an automatic approval of the said ETF bid.
Furthermore, the US appeals court is still expected to issue a directive that outlines how its recent ruling should be implemented between the concerned parties.
Commenting on this report, Bloomberg analyst James Seyffart posted on X, stating his agreement with the notion that the SEC will not be pushing for an appeal in this case.
In addition, Seyffart said there could be more development on the said ETF application as discussions between Grayscale and the SEC are set to commence next week.
Bloomberg Analysts Remain Positive On Spot Bitcoin ETF Approval
In another post on X on Friday, James Seyffart, in collaboration with his colleague Eric Balchunas, emphasized their positive stance on the outcome of the ongoing spot Bitcoin ETF sa
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Author: Semilore Faleti
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