US court issues order for Grayscale ruling, allowing the SEC to review spot Bitcoin ETF

By: Mark Jessy

US court issues order for Grayscale ruling, allowing the SEC to review spot Bitcoin ETF

October 24, 2023 2:51 AM

Many had predicted the result after the SEC declined to appeal a filing on August 29 mandating a review of Grayscale's Bitcoin ETF application.


Following a judgment, the United States Court of Appeals issued a mandate for the Securities and Exchange Commission to investigate Grayscale Investments' application for a spot Bitcoin exchange-traded fund. 


The "formal mandate" of the court went into force on October 23 after a filing in the U.S. Court of Appeals for the District of Columbia Circuit, allowing the SEC to reconsider its decision on Grayscale's spot Bitcoin (BTC) exchange-traded fund, or ETF. After the initial verdict on August 29 and the SEC's inability to file an appeal by the Oct. 13 deadline, the court issued the mandate.

 

 

The U.S. Court of Appeals for the District of Columbia Circuit received the
appeal on October 23.
Source: CourtListener


Grayscale was given another chance to have its Grayscale Bitcoin Trust converted into a listed BTC ETF after the mandate issued on October 23 reiterated the court's August 29 verdict. Although the SEC has approved investment vehicles related to Bitcoin and Ether (ETH) futures for listing on U.S. exchanges, not a single spot crypto ETF has been approved for listing.


Shares of Grayscale's Bitcoin Trust (ticker symbol: GBTC) were registered with the SEC on October 19 so that they may be traded on the New York Stock Exchange. Spot crypto ETF petitions are pending with the SEC from the investing firm and other significant corporations like BlackRock, ARK Investments, and Valkyrie.