The U.S. Court of Appeals has issued its highly anticipated order for the Securities and Exchange (SEC) to review Grayscale’s spot Bitcoin ETF application.

“In accordance with the judgment of August 29, 2023… this constitutes the formal mandate of this court,“ wrote Court of Appeals Clerk Mark Langer in a Monday filing.

The judgment relates to Grayscale’s lawsuit against the SEC from last year, in which the firm sued the agency for refusing to allow its Grayscale Bitcoin Trust (GBTC) to convert into a spot Bitcoin ETF.

The firm argued that the SEC’s judgment was “arbitrary and capricious” given the firm’s acceptance of similarly structured Bitcoin futures ETF products— an assessment with which the court’s judges unanimously agreed in August.

After the ruling, the SEC had 45 days to appeal the case but remained radio silent as its deadline passed earlier this month. This made a court order to reassess Grayscale’s application inevitable, which has now arrived.

While the SEC still has the power to deny the application, it would need to find a new reason for doing so not related to its prior justification: that the futures Bitcoin market is not closely connected enough to the spot mark

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Author: Andrew Throuvalas

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