United

Bitcoin

Grayscale Bitcoin Trust

James

<div class="sg-post-des">
 The SEC must appeal Grayscale’s win in a D.C. Appeals Court on Oct. 13, or it will have to approve — or try to delay — the firm’s Bitcoin ETF bid.
</div>
<div class="cointelegraph">
 The United States Securities and Exchange Commission will soon reach its deadline to <a rel="noopener noreferrer nofollow" title="appeal" href="https://thebittimes.com/tag/appeal.html">appeal</a> the court decision that ruled in favor of Grayscale Investments, forcing the regulator to review the fund manager’s application for a spot Bitcoin (BTC) fund.
 While many observers don’t believe the securities regulator will attempt to <a rel="noopener noreferrer nofollow" title="appeal" href="https://thebittimes.com/tag/appeal.html">appeal</a> the court’s decision, analysts say there could still be ways for the SEC to delay approval of Grayscale’s spot Bitcoin ETF conversion.
 On Oct. 13, the SEC must either <a rel="noopener noreferrer nofollow" title="appeal" href="https://thebittimes.com/tag/appeal.html">appeal</a> the D.C. Circuit Court of Appeals decision to the U.S. Supreme Court, request the Appeals Court revisit its <a rel="noopener noreferrer nofollow" title="ruling" href="https://thebittimes.com/tag/ruling.html">ruling</a>, or follow the court’s August order and review Grayscale’s bid to change its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.
 In an Oct. 12&nbsp;post&nbsp;responding to an X user's question, Bloomberg ETF analyst Eric Balcunas said an appeal was unlikely, though there could still be other hurdles happening.
 <blockquote>
 “We think [an] appeal is a longshot [...] But there’s always a chance of something else happening.”
 </blockquote>
 Meanwhile, in a separate post, fellow Bloomberg ETF analyst James Seyffart said that an SEC attempt to deny on new grounds was unlikely and a “very difficult needle to thread” but it could “find ways to keep delaying.”
 <blockquote class="twitter-tweet">
 Not officially. SEC could attempt to deny on new grounds but as @EricBalchunas, myself, @NYCStein, @SGJohnsson, @NateGeraci and many others have said. It would be a very difficult needle to thread and we view as unlikely. They can find ways to keep delaying though IMO.— James Seyffart (@JSeyff) October 12, 2023
 </blockquote>
 A September note from law firm Ropes &amp; Gray warned the GBTC application could be sent back for review to the SEC, giving the regulator another chance to reject it on a different basis.
 “In this scenario, the new denial could itself then be subject to another <a rel="noopener noreferrer nofollow" title="appeal" href="https://thebittimes.com/tag/appeal.html">appeal</a> by GBTC to the D.C. Circuit,” wrote the firm.
 Another delay scenario, according to Ropes &amp; Gray, would be if the New York Stock Exchange has to make a new filing to list GBTC — then it is possible the SEC could take up to eight months to reach a decision on the ETF.
 Related: House committee chairman threatens SEC chair with subpoena, but not over crypto
 Currently, at least seven spot Bitcoin ETF applications are before the regulator for approval.
 Despite all being filed with the regulator earlier in 2023, all have faced delays and pushbacks from the SEC leaving the final approval deadlines for most around March 2024 or later.
 However, most eyes are on Grayscale’s spot Bitcoin ETF conversion application because if the SEC approves it — the regulator could struggle to find reasons to knock back other applications.
 The likelihood of an approved spot Bitcoin ETF this year is 75%, according to Bloomberg analysts who updated the odds after Grayscale’s court win. The odds jump to a 95% likelihood of approval by the end of 2024.
 Magazine: Web3 Gamer: Apple to fix gaming? SEC hates Metaverse, Logan Paul trolled on Steam
 <template data-name="subscription_form" data-type="law_decoded"></template>
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/what-happens-if-sec-doesn-t-appeal-grayscale-spot-bitcoin-etf-ruling-tbt66208.html">https://thebittimes.com/what-happens-if-sec-doesn-t-appeal-grayscale-spot-bitcoin-etf-ruling-tbt66208.html</a>

What happens if SEC doesn’t appeal Grayscale spot Bitcoin ETF ruling?

TheBitTimes

Other articles published on Oct 13, 2023

Algorand (ALGO) Targets $300; VeChain (VET) & InQubeta (QUBE) Emerge as Investors’ Favorites

Here’s When Ethereum Competitor Cardano May Witness Long-Awaited Breakout, According to Crypto Tr...

Former CEO of Miami Investment Firm Pleads Guilty to Crypto Futures Fraud Conspiracy

Bitcoin Outperforms ETH as traders eye ETF approval

October sentiment turns negative as stock markets bleed red

BlockFi CEO Accuses FTX and Alameda in Collapse Drama During SBF Trial

Join our free newsletter for daily crypto updates!