Grayscale Wins Appeal Against SEC Overturing Its Decision on Bitcoin ETF

“On Tuesday, the court sided with Grayscale in a lawsuit against the Securities and Exchange Commission which had denied the company’s application to convert the Grayscale Bitcoin Trust to an ETF,” CNBC reported.”The decision could impact other companies that want to create bitcoin ETFs, like BlackRock and Fidelity.””Grayscale initiated its lawsuit against the SEC in June 2022 after the agency rejected its application to turn its bitcoin trust, better known by its ticker GBTC, into an ETF.””The ruling faced multiple delays but the SEC ultimately rejected the application last summer, citing failure by Grayscale to answer questions related to concerns about market manipulation and investor protections.”“It virtually guarantees they will approve BlackRock and Fidelity. Grayscale may need to refile, but they will almost certainly be approved as well,” said Dave Weisberger, CEO of CoinRoutes.Source: Joe Carlasare.

Here is the sentence in the judge’s Grayscale ruling that rejects the heart of SEC’s argument for why it rejected numerous spot Bitcoin ETF’s over the years.

— Sam Callahan (@samcallah) August 29, 2023

CNBC Article

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