Sign Up on MEXC
The U.S. Court of Appeals for the D.C. Circuit issued a mandate compelling the Securities and Exchange Commission (SEC) to revisit Grayscale Investments’ application for a spot Bitcoin ETF. This decision stems from the court’s previous ruling, emphasizing the similarities between Grayscale’s proposition and the already sanctioned Bitcoin futures ETFs. Consequently, the court noted that Grayscale’s product merits approval, given its similar capacity for identifying market misconduct.
The court’s formal directive, a customary procedural stride, was anticipated following the SEC’s recent decision not to contest the August ruling. Besides, this development catalyzed Grayscale’s move to submit a revised filing in hopes of finally transitioning its flagship GBTC fund into a fully-fledged ETF.
Court Backs Grayscale’s Bitcoin ETF Quest
The mandate reinforces Grayscale’s argument that its proposed Bitcoin ETF mirrors the characteristics of approved Bitcoin futures ETFs; hence, it should not face undue hurdles. Significantly, the firm resubmitted its application via an expedited S-3 filing, diverging from the standard S-1 process for new share offerings. Additionally, Grayscale plans to list its shares on NYSE Arca, pending the green light on its current submissions, including a separate filing necessary for NYSE Arca.
However, ambiguity lingers over the SEC’s next steps despite the court’s push. The regulatory body, notorious for its meticulous scrutiny, retains the authority to find new grounds for rejection, keeping market participants on their toes.
Major Firms Seek SEC’s ETF Approval
Grayscale isn’t alone in its pursuit. Other industry giants, like BlackRock and Fidelity, have thrown their hats into the ring, seeking the SEC’s blessing for their spot in Bitcoin ETFs. SEC Chair Gary Gensler acknowledged the agency’s receipt of multiple filings, without giving specific comments on Grayscale’s case. Moreover, he detailed the rigorous review process proposals undergo, akin to public offering vetting, underscoring the agency’s commitment to thorough evaluation.
This influx of submissions indicates a growing appetite for such financial products. However, it also means the SEC must navigate a complex landscape of applications, balancing market innovation with consumer protection.
Read Also: BlackRock to Seed Spot Bitcoin ETF In October; Why It’s A Big Deal?
- SEC’s Paul Atkins Pushes for On-Chain Capital Raising Without Uncertainty
- SEC Delays Decision On Staking For BlackRock’s Ethereum ETF
- SEC Delays Decision on Franklin Templeton’s Solana and XRP ETFs
- BNB Hits New ATH As Binance Partners With $1.6T Franklin Templeton
- Crypto Market, S&P 500 Rally as PPI Data Fuels Rate Cut Hopes
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
- Can Dogecoin Price Hit $1 as Derivative Volume Jumps Ahead of DOGE ETF Launch
- Bitcoin Price Prediction Eyes $150K as Trump Calls for Aggressive 100 BPS Rate Cut
- Solana Price Prediction: Can Nasdaq Listing and $94M Holdings Propel SOL Toward $400?
