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    <p>Grayscale has scored a win in its case against the Securities and Exchange Commission (SEC) concerning the conversion of its Grayscale Bitcoin Trust (GBTC) product into an exchange-traded fund (ETF).</p> 
    <p>The judge in the case specifically found that the “denial of <a rel="dofollow" title="Grayscale" href="https://thebittimes.com/tag/grayscale.html">Grayscale</a>’s proposal was arbitrary and capricious because the commission failed to explain its different treatment of similar products.”</p> 
    <p>The SEC has previously approved futures-based bitcoin ETFs but has yet to approve any spot-based bitcoin ETFs. Grayscale filed this lawsuit after the SEC originally denied the conversion of its GBTC product to an ETF.&nbsp;&nbsp;</p> 
    <p>The SEC’s denials of spot bitcoin ETFs and approval of futures-based ETFs have frequently appeared to hinge on a belief that the <strong>futures were more resistant to manipulation</strong>. The judge specifically detailed how “Grayscale presented uncontested evidence that there is a 99.9% correlation between bitcoin’s spot market and CME futures contract prices.”&nbsp;</p> 
    <p>The SEC maintained that this analysis doesn’t “provide evidence of the causal economic relationship of interest: namely, whether fraud or manipulation that impacts spot bitcoin would also similarly impact CME bitcoin futures contracts.”</p> 
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       Grayscale considers GBTC buyback if it loses SEC lawsuit
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    <p><em>Read more: Lawsuit puts pressure on <a rel="dofollow" title="Grayscale" href="https://thebittimes.com/tag/grayscale.html">Grayscale</a> to open <a rel="dofollow" title="GBTC" href="https://thebittimes.com/tag/gbtc.html">GBTC</a> books</em></p> 
    <p>The judge’s order concludes, “The Commission failed to adequately explain why it approved the listing of two <a rel="dofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> futures exchange-traded products (ETP) but not <a rel="dofollow" title="Grayscale" href="https://thebittimes.com/tag/grayscale.html">Grayscale</a>’s proposed <a rel="dofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> ETP. In the absence of a coherent explanation, this unlike regulatory treatment of like products is unlawful.”</p> 
    <p>This decision doesn’t mean that GBTC is immediately converted to an ETF (the SEC could potentially find alternative reasons to deny the product) but <strong>it does make a spot approval more likely</strong>.&nbsp;</p> 
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;</em><em>Twitter</em><em>,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/grayscale-sec-win-brings-spot-gbtc-etf-approval-a-step-closer-tbt60819.html">https://thebittimes.com/grayscale-sec-win-brings-spot-gbtc-etf-approval-a-step-closer-tbt60819.html</a></p>

Grayscale SEC win brings spot GBTC ETF approval a step closer

TheBitTimes

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