{"id":173961,"date":"2023-10-14T06:06:54","date_gmt":"2023-10-14T00:36:54","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=173961"},"modified":"2023-10-14T06:06:54","modified_gmt":"2023-10-14T00:36:54","slug":"sec-reportedly-wont-appeal-court-decision-on-grayscale-bitcoin-etf-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/sec-reportedly-wont-appeal-court-decision-on-grayscale-bitcoin-etf-crypto-news\/","title":{"rendered":"SEC reportedly wont appeal court decision on Grayscale Bitcoin ETF – Crypto News"},"content":{"rendered":"
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The U.S. Securities and Exchange Commission reportedly has no plans to appeal the recent court decision that favored Grayscale Investments. The ruling requires the SEC to review the firm\u2019s spot Bitcoin (BTC<\/a>) exchange-traded fund application. <\/p>\n

\n

Benzinga (and others) reporting that Reuters is reporting that the SEC will NOT be appealing Grayscale case. pic.twitter.com\/yd9BBtRwv5<\/a><\/p>\n

\u2014 Eric Balchunas (@EricBalchunas) October 13, 2023<\/a><\/p><\/blockquote>\n

The SEC\u2019s supposed decision not to appeal the D.C. Circuit Court of Appeal\u2019s ruling<\/a> was highlighted in an Oct. 13 report<\/a> from Reuters, which cited \u201ca source familiar with the matter.\u201d<\/p>\n

Bloomberg analysts also expect the SEC not to appeal to the Supreme Court but emphasized that this doesn\u2019t necessarily mean Grayscale\u2019s application is set to be approved. <\/p>\n

If the reports are true, the SEC will need to follow the court\u2019s August order and review Grayscale\u2019s application to change its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.<\/p>\n

According to Reuters, the appeals court is expected to issue a mandate specifically outlining how its ruling should be \u201cexecuted\u201d by the SEC. <\/p>\n

Commenting on the developments, Bloomberg ETF analyst James Seyffart noted via X that: <\/p>\n

\u201cI do not think they will appeal to the Supreme Court either. Dialogue between Grayscale and SEC should begin next week. Hoping for more info on next steps sometime next week or week after?\u201d<\/p><\/blockquote>\n

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1. Done deal I guess if this is accurate. No en banc application<\/p>\n

2. No. I do not think they will appeal to the Supreme Court either. <\/p>\n

3. Dialogue between Grayscale and SEC should begin next week. Hoping for more info on next steps sometime next week or week after? https:\/\/t.co\/2EayzqeKGq<\/a><\/p>\n

\u2014 James Seyffart (@JSeyff) October 13, 2023<\/a><\/p><\/blockquote>\n

Moving forward, Seyffart suggested that it is likely that \u201cwe will find out in the next week (or two)\u201d what the deadline is for the SEC to approve or deny Grayscale\u2019s spot BTC ETF application. <\/p>\n

If the SEC were to deny the application, Grayscale could then appeal that decision<\/a>, dragging the process out even longer. <\/p>\n

Related: <\/em><\/strong>Bitcoin price gets new $25K target as SEC decision day boosts GBTC<\/em><\/strong><\/a><\/p>\n

As it stands, around seven spot Bitcoin ETF applications have been put before the SEC that are awaiting a decision from the regulator. <\/p>\n

In a separate preceding X post on Oct. 13, Seyffart reiterated his view that there is a 90% chance that a spot Bitcoin ETF application will get approved in January 2024, specifically the application from Cathie Wood\u2019s ARK Invest. <\/p>\n

\n

I’ve gotten a lot of questions regarding my current view on Spot #Bitcoin<\/a> ETFs over the last couple weeks. This is the first section of the note I put out yesterday with @EricBalchunas<\/a>.<\/p>\n

TLDR: Our view hasn’t changed much https:\/\/t.co\/dRAm5IsdQf<\/a> pic.twitter.com\/Htsi3n2XxV<\/a><\/p>\n

\u2014 James Seyffart (@JSeyff) October 13, 2023<\/a><\/p><\/blockquote>\n

Seyffart and Bloomberg\u2019s senior ETF analyst Eric Balchunas, also previously suggested that there is a 75% chance that an application will get approved<\/a> in 2023. <\/p>\n

Magazine: <\/strong>Hall of Flame: Crypto lawyer Irina Heaver on death threats, lawsuit predictions<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The U.S. Securities and Exchange Commission reportedly has no plans to appeal the recent court decision that favored Grayscale Investments. The ruling requires the SEC to review the firm\u2019s spot Bitcoin (BTC) exchange-traded fund application. Benzinga (and others) reporting that Reuters is reporting that the SEC will NOT be appealing Grayscale case. pic.twitter.com\/yd9BBtRwv5 \u2014 Eric […]<\/p>\n","protected":false},"author":2,"featured_media":173962,"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-173961","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\/173961","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=173961"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173961\/revisions"}],"predecessor-version":[{"id":173964,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173961\/revisions\/173964"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/173962"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=173961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=173961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=173961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}