Grayscale Gets Etf Review After Sec Lawsuit Win
Date
8/29/2023 2:00:41 PM
(MENAFN- CoinXposure)
Grayscale case against theSecurities and Exchange Commission (SEC) was ruled in its favor. In particular, theCourt of Appeals said that the asset management firm's request for a review should be granted and that the Commission's decision should be thrown out.
This also means that the federal appeals court has told the agency to stop denying Grayscale's request to turn its bitcoin Trust into an exchange-traded fund. This could allow the United States to get its first Spot Bitcoin ETF.
Grayscale ETF Bid Reviewed After SEC Court Win
Since last month, there has been a race in the United States to have the first spot in Bitcoin ETF . Since wealth management companies like BlackRock and Fidelity are getting involved, many people think the sale will be ready soon. After a critical court win, we may be getting closer to making that happen.
Grayscale , a company that manages crypto assets, won its case against the SEC. So, theCourt of Appeals told the SEC to“vacate” its decision to turn down the manager's request to make an ETF. In particular, by changing its Grayscale Bitcoin Trust (GBTC), which is what it is now.
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In October 2021, the first request for the change came in. However, the SEC turned down the bid because it didn't answer the questions the agency had asked to prevent market abuse. Concerns about how the market could be manipulated have been the most significant thing stopping spot Bitcoin ETF approval for a long time.
After that, Grayscale filed an appeal and asked theCourt of Appeals for the District of Columbia Circuit to investigate why the application was turned down. Now, the court has agreed to do that review. This could be a significant time. Grayscale could now have an advantage over its competitors in making the ETF.
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