The U.S. Securities and exchange commission (SEC) has a deadline approaching before which it can appeal against an August 29, 2023 court order in support of converting the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF. Will the agency appeal what could turn out to be an order that sets the tone for a mass Bitcoin ETF approval sometime in 2024?
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The U.S. District of Colombia Court of Appeals ruled that the SEC was arbitrary in rejecting the Grayscale Bitcoin ETF conversion application. This meant that the financial bigwigs of the likes of Blackrock and Fidelity could have a great precedent in the form of the Grayscale ETF if it goes on to be approved officially as ruled by the Court. On Friday, October 13, 2023, the U.S. SEC faces a deadline for appealing the court ruling, failing to do so could mean increased chances of a spot Bitcoin ETF approval in the United States.
Overall, a lack of appeal from the Commission would be a bullish sign for Bitcoin price stability on the upper side, especially as the countdown for Bitcoin Halving in 2024 comes closer.
The crypto community would be closely watching the SEC’s moves until the end of day on October 13. Dan Gambardello, a crypto influencer, said the US SEC would be “crazy to appeal” the court ruling. He added that the SEC faces downside risk in appealing the order that described its denial of the ETF “arbitrary and capricious.”
“SEC is losing to crypto and they know it. The law is not on their side.”
Going forward, this could mark the first official setback for the SEC and Chair Gary Gensler, if and when the spot ETF applications are approved. The US SEC had over the years faced criticism for its anti-crypto regulatory stance in the United States, much to the contrary of the state of affairs in other developed countries.
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