Yunus Taşlı 
What Will the SEC Decide for Spot ETF? The DC Circuit, one of the 13 appellate courts in the US, ratified the decision against the SEC in the Grayscale case and formally initiated the process. From now on, the SEC will reconsider its ETF decision against Grayscale in line with the court’s decision.
Will SEC Decisions Be Reviewed Again?
The appellate court’s statement supports the court ruling that the SEC should review its decision regarding spot bitcoin ETF.
As you may recall, the request of Grayscale to convert its GBTC shares into ETFs was refused by the SEC last June. On the day the rejection was issued, Grayscale sued the SEC, a government agency.
The decision of that lawsuit was in favor of Grayscale in August (2023). The court did not accept SEC’s opinion that it finds spot Bitcoin ETFs manipulative compared to futures ETFs, and stated that both types of ETFs are similar in terms of price. As per the decision, the SEC was asked to review its rejection. The SEC did not object to this decision and essentially accepted its mistake.
What Will Happen to Grayscale’s GBTC?
Experts are confident that the institution will accept Grayscale’s ETF application from now on. The approval of Bitcoin spot ETF applications made by other companies is also expected in the first quarter of 2024.
You might like: Ark Invest Sold Coinbase and GBTC Shares!!
Bitcoin started a tremendous rally after the latest decision on the process by the DC Circuit Court of Appeals. The largest cryptocurrency rose by more than 10% and exceeded $35,000. Bitcoin was last at these levels in May 2022.
In the comment section, you can freely share your comments and opinions about the topic. Additionally, don’ t forget to follow us on Telegram, YouTube, and Twitter for the latest news and updates.