{"id":173446,"date":"2023-10-13T12:12:32","date_gmt":"2023-10-13T06:42:32","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=173446"},"modified":"2023-10-13T12:12:32","modified_gmt":"2023-10-13T06:42:32","slug":"what-happens-if-sec-doesnt-appeal-grayscale-spot-bitcoin-etf-ruling-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/what-happens-if-sec-doesnt-appeal-grayscale-spot-bitcoin-etf-ruling-crypto-news\/","title":{"rendered":"What happens if SEC doesn\u2019t appeal Grayscale spot Bitcoin ETF ruling? – Crypto News"},"content":{"rendered":"
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The United States Securities and Exchange Commission will soon reach its deadline to appeal the court decision that ruled in favor of Grayscale Investments, forcing the regulator to review the fund manager\u2019s application for a spot Bitcoin (BTC<\/a>) fund.<\/p>\n

While many observers don\u2019t believe the securities regulator will attempt to appeal the court\u2019s decision, analysts say there could still be ways for the SEC to delay approval of Grayscale\u2019s spot Bitcoin ETF conversion. <\/p>\n

On Oct. 13, the SEC must either appeal the D.C. Circuit Court of Appeals decision to the U.S. Supreme Court, request the Appeals Court revisit its ruling, or follow the court\u2019s August order<\/a> and review Grayscale\u2019s bid to change its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.<\/p>\n

In an Oct. 12\u00a0post<\/a>\u00a0responding to an X user’s question, Bloomberg ETF analyst Eric Balcunas said an appeal was unlikely, though there could still be other hurdles happening.<\/p>\n

\u201cWe think [an] appeal is a longshot […] But there\u2019s always a chance of something else happening.\u201d<\/p><\/blockquote>\n

Meanwhile, in a separate post, fellow Bloomberg ETF analyst James Seyffart said that an SEC attempt to deny on new grounds was unlikely and a \u201cvery difficult needle to thread\u201d but it could \u201cfind ways to keep delaying.\u201d<\/p>\n

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Not officially. SEC could attempt to deny on new grounds but as @EricBalchunas<\/a>, myself, @NYCStein<\/a>, @SGJohnsson<\/a>, @NateGeraci<\/a> and many others have said. It would be a very difficult needle to thread and we view as unlikely. They can find ways to keep delaying though IMO.<\/p>\n

\u2014 James Seyffart (@JSeyff) October 12, 2023<\/a><\/p><\/blockquote>\n

A September note from law firm Ropes & Gray warned<\/a> the GBTC application could be sent back for review to the SEC, giving the regulator another chance to reject it on a different basis.<\/p>\n

\u201cIn this scenario, the new denial could itself then be subject to another appeal by GBTC to the D.C. Circuit,\u201d wrote the firm.<\/p>\n

Another delay scenario, according to Ropes & Gray, would be if the New York Stock Exchange has to make a new filing to list GBTC \u2014 then it is possible the SEC could take up to eight months to reach a decision on the ETF.<\/p>\n

Related: <\/em><\/strong>House committee chairman threatens SEC chair with subpoena, but not over crypto<\/em><\/strong><\/a><\/p>\n

Currently, at least seven spot Bitcoin ETF applications are before the regulator for approval. <\/p>\n

Despite all being filed with the regulator earlier in 2023, all have faced delays<\/a> and pushbacks from the SEC leaving the final approval deadlines for most around March 2024 or later.<\/p>\n

However, most eyes are on Grayscale\u2019s spot Bitcoin ETF conversion application because if the SEC approves it \u2014 the regulator could struggle to find reasons to knock back other applications.<\/p>\n

The likelihood of an approved spot Bitcoin ETF this year is 75%<\/a>, according to Bloomberg analysts who updated the odds after Grayscale\u2019s court win. The odds jump to a 95% likelihood of approval by the end of 2024.<\/p>\n

Magazine: <\/em><\/strong>Web3 Gamer: Apple to fix gaming? SEC hates Metaverse, Logan Paul trolled on Steam<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The United States Securities and Exchange Commission will soon reach its deadline to appeal the court decision that ruled in favor of Grayscale Investments, forcing the regulator to review the fund manager\u2019s application for a spot Bitcoin (BTC) fund. While many observers don\u2019t believe the securities regulator will attempt to appeal the court\u2019s decision, analysts […]<\/p>\n","protected":false},"author":2,"featured_media":173447,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-173446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173446","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=173446"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173446\/revisions"}],"predecessor-version":[{"id":173449,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173446\/revisions\/173449"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/173447"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=173446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=173446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=173446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}