Court mandate SEC to revisit Grayscale’s Spot Bitcoin ETF

24/10/2023

The U.S. Court of Appeals for the D.C. Circuit issued an order compelling the SEC to reexamine Grayscale Investments' application for a spot Bitcoin ETF. The court found similarities between Grayscale's proposal and already approved Bitcoin futures ETFs, indicating that Grayscale's product deserves approval.

Following the SEC's decision not to contest the court's ruling, Grayscale has resubmitted its application and plans to list its shares on the New York Stock Exchange Arca.

In addition, other industry giants like BlackRock and Fidelity are also seeking SEC support. SEC Chairman Gary Gensler acknowledged receiving multiple applications. The abundance of applications indicates that the SEC must balance market innovation with consumer demand.

Resource: https://coingape.com/breaking-court-orders-sec-to-review-grayscales-spot-bitcoin-etf/