United

Bitcoin ETF

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Grayscale Bitcoin Trust

Spot

History has been made in the United States as the United States Securities and Exchange Commission (SEC) has <a href="https://coingape.com/breaking-sec-gives-nod-to-spot-bitcoin-etf-opens-door-for-trading/" rel="noopener noreferrer nofollow">approved</a> the much-awaited spot Bitcoin Exchange Traded Fund (ETF) product. With Grayscale Investments’ approval now confirmed, the company deserves all the accolades for the right reasons.
<h2 id="strong-grayscale-in-the-pursuit-of-spot-bitcoin-etf-strong">Grayscale in the Pursuit of Spot Bitcoin ETF</h2>
Grayscale changed the narrative when it decided to pursue the conversion of the Grayscale Bitcoin Trust (GBTC) into a full-fledged spot Bitcoin ETF. The push for approval was initially resisted by the SEC as the regulator noted that the market was not mature enough to float such a product on grounds of potential manipulation.
Having run the Grayscale Bitcoin Trust successfully since its inception, Grayscale Investments refused to accept this verdict and decided to file a lawsuit against the commission under the reign of Gary Gensler.&nbsp;
Despite its convictions that it has a compelling case to guarantee a win, Grayscale Investments went ahead to bolster its legal team by hiring Donald B. Verrilli, a Solicitor under the Obama Administration. With the experience he and others in the legal team brought to the table, a formidable fight was put up and in late August 2023, <a href="https://coingape.com/grayscale-spot-bitcoin-etf-sec-lawsuit-crypto-news/" rel="noopener noreferrer nofollow">the firm scored a victory against the regulator</a>.
The ruling, delivered by Chief Judge of the United States Court of Appeals Sri Srinivasan, requested the SEC to go back and review its decision to reject Grayscale’s application and noted that the denial was “arbitrary and capricious.”&nbsp;
In a major twist, <a href="https://coingape.com/breaking-us-sec-decides-not-to-appeal-a-recent-court-ruling-against-grayscale/" rel="noopener noreferrer nofollow">the SEC refused to file an appeal</a>, solidifying the prospects of the firm securing approval later on.
<h2 id="strong-impressive-fight-against-all-applicants-strong">Impressive Fight Against All Applicants</h2>
Despite the frontline role played by Grayscale Investments, other applicants including BlackRock Inc., Fidelity Investments, Bitwise, and VanEck have also played their role in ensuring that the product comes to life.
The SEC had a lot of back and forth with the prospective applicants as it demanded that they dance to its specific demands in their bid to launch the spot Bitcoin ETF product. From the consensus to adopt the <a href="https://coingape.com/bloomberg-analyst-corrects-crucial-spot-bitcoin-etf-misconception/" rel="noopener noreferrer nofollow">Cash Creates</a> model to the lowering of fees to beat the competition, the race to float this spot Bitcoin ETF has been a marathon, one that might be worth it in the long term.
The post <a href="https://coingape.com/spot-bitcoin-etf-approved-heres-why-grayscale-is-the-biggest-winner/" rel="noopener noreferrer nofollow">Spot Bitcoin ETF Approved: Here’s Why Grayscale is the Biggest Winner</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Spot Bitcoin ETF Approved: Here’s Why Grayscale is the Biggest Winner

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