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 <p class="is-style-lead">The Securities and Exchange Commission (SEC) will not contest a court ruling favoring Grayscale’s proposed spot Bitcoin exchange-traded fund (ETF).</p>
 <p>An Oct. 14 update from Bloomberg citing an inside source has revealed that the SEC has chosen not to <a rel="noopener noreferrer nofollow" title="appeal" href="https://thebittimes.com/tag/appeal.html">appeal</a> the District of Columbia Court of Appeals’ <a rel="noopener noreferrer nofollow" title="decision" href="https://thebittimes.com/tag/decision.html">decision</a> from August, which argued that the regulator had erred in dismissing Grayscale’s Bitcoin exchange-traded fund application.</p>
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    <p lang="en" dir="ltr">The SEC isn’t planning to ask a federal appeals court to reconsider a ruling that paved the way for Grayscale to launch a spot Bitcoin ETF https://t.co/P89YwCXC2f</p>— Bloomberg Crypto (@crypto) October 13, 2023
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 <p>The case has been under the industry’s microscope as various players in the financial landscape have vied for the approval of spot Bitcoin ETFs in recent times.</p>
 <p>The SEC’s surprising move to step back may well set the stage for a comprehensive review of Grayscale’s proposal.</p>
 <p>The investment giant’s proposed ETF is designed to expose clients to Bitcoin (BTC), the world’s leading cryptocurrency by market capitalization, without requiring direct ownership.</p>
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 <p>Previously, the SEC thwarted all spot Bitcoin ETF applications, including Grayscale’s, on the premise that applicants could not adequately shield investors from potential market manipulation.</p>
 <p>Matters escalated when Grayscale challenged the SEC’s decision in court, asserting that the previously approved surveillance mechanisms to counteract fraudulent activities in Bitcoin futures-based ETFs should also apply to their proposed spot ETF.</p>
 <p>The <a rel="noopener noreferrer nofollow" title="appeal" href="https://thebittimes.com/tag/appeal.html">appeal</a>s court reinforced Grayscale’s stance, stating that the SEC did not explain the substantive difference between the two setups. Instructions on how the court’s <a rel="noopener noreferrer nofollow" title="decision" href="https://thebittimes.com/tag/decision.html">decision</a> should be implemented are anticipated, likely directing the SEC to revisit Grayscale’s application.</p>
 <p>This development could also impact other financial mammoths like BlackRock and Fidelity, who have similar applications pending for a spot Bitcoin ETF.</p>
 <p>With the SEC expected to make <a rel="noopener noreferrer nofollow" title="decision" href="https://thebittimes.com/tag/decision.html">decision</a>s on these applications by 2024 at the latest, the landscape for crypto-based financial products could be on the verge of a paradigm shift. At the time of writing, representatives from Grayscale and the SEC had not provided any comments on this development.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Bitcoin bearishness continues despite halving, ETF hopes: analyst
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/sec-nixes-plans-to-appeal-grayscale-bitcoin-etf-decision-tbt66396.html">https://thebittimes.com/sec-nixes-plans-to-appeal-grayscale-bitcoin-etf-decision-tbt66396.html</a></p>

SEC nixes plans to appeal Grayscale Bitcoin ETF decision

TheBitTimes

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