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Grayscale has secured a ceremonious victory in its legal battle against the US Securities and Exchange Commission (SEC), with a federal appeals court ordering the regulator to revisit the crypto asset manager’s <a href="https://news.todayq.com/sec-delays-multiple-bitcoin-etfs-including-blackrocks-amid-looming-us-government-shutdown/" rel="noopener noreferrer nofollow">spot Bitcoin exchange-traded fund (ETF) </a>application.
The final verdict marks a full stop in the case, reverberating the court’s August ruling that the SEC was “arbitrary and capricious” in its rejection of <a href="https://news.todayq.com/grayscale-investments-hopes-sec-approval-after-filing-updated-spot-bitcoin-etf/" rel="noopener noreferrer nofollow">Grayscale’s application</a> to convert its Grayscale Bitcoin Trust (BTC) into a spot Bitcoin ETF. Since the US securities regulator failed to file an appeal, the court’s Monday ruling was a mere formality. Source: CourtListener Grayscale’s proposed spot Bitcoin product now almost a certainty 
However, this doesn’t mean Grayscale’s proposed spot Bitcoin product is a lock. The SEC could still scrap it on other grounds. The agency has been <a href="https://news.todayq.com/sec-delays-multiple-bitcoin-etfs-including-blackrocks-amid-looming-us-government-shutdown/" rel="noopener noreferrer nofollow">dragging its heels</a> on approving a long-list of spot Bitcoin ETF applications, including from BlackRock, Fidelity, and Franklin Templeton, among others.&nbsp;
Given such high stakes, Grayscale CEO Michael Sonnenshein will be closely monitoring the SEC’s next move. Following the official closure of the case, a&nbsp; spokesperson for Grayscale said, “The Grayscale team looks forward to continuing to work constructively with the SEC to convert GBTC to an ETF. GBTC is operationally ready, and we intend to move as expeditiously as possible on behalf of our investors.” BlackRock’s spot Bitcoin ETF gets ‘listed’ on DTCC 
Speaking of spot Bitcoin products, investment firm BlackRock looks all set for a winning streak, with its proposed<a href="https://news.todayq.com/blackrock-inches-closer-to-sec-approval-as-bitcoin-etf-gets-listed-on-nasdaq-trade-clearing-firm/" rel="noopener noreferrer nofollow"> iShares spot Bitcoin ETF</a> having been listed on the Depository Trust and Clearing Corporation (DTCC). With the DTCC listing, the company is one step closer to getting its spot Bitcoin ETF approved by the SEC. Spot Bitcoin ETF buzz send Bitcoin prices soaring 
The industry has taken the Grayscale ruling and BlackRock’s spot Bitcoin ETF news as a sign of encouragement. Bitcoin rallied on Monday, breaching the $35,000 level, a 16-month high, on prospects of spot Bitcoin products getting approved by the SEC. Source: Bloomberg 
If the SEC were to give its blessing to spot Bitcoin products, the overall <a href="https://news.todayq.com/report-with-companies-making-a-beeline-for-spot-bitcoin-etfs-crypto-m-cap-could-rise-by-1-trillion/" rel="noopener noreferrer nofollow">crypto market </a>— currently valued at $1.27 trillion — is estimated to grow by another $1 trillion, according to data analytics firm CryptoQuant. If the prediction holds true, Bitcoin will reach a $900 billion market capitalization.
© Todayq News

US appeals court asks SEC to scrap its rejection of Grayscale’s spot Bitcoin ETF application

Todayq News

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