{"id":179685,"date":"2023-10-24T01:47:42","date_gmt":"2023-10-23T20:17:42","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=179685"},"modified":"2023-10-24T01:47:42","modified_gmt":"2023-10-23T20:17:42","slug":"court-orders-sec-to-review-grayscales-spot-bitcoin-etf-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/court-orders-sec-to-review-grayscales-spot-bitcoin-etf-crypto-news\/","title":{"rendered":"Court Orders SEC to Review Grayscale’s Spot Bitcoin ETF – Crypto News"},"content":{"rendered":"

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The U.S. Court of Appeals for the D.C. Circuit<\/span> issued a mandate<\/span><\/a> compelling the Securities and Exchange Commission (SEC) to revisit Grayscale Investments\u2019 application for a spot Bitcoin ETF. This decision stems from the court\u2019s previous ruling, emphasizing the similarities between Grayscale\u2019s proposition and the already sanctioned Bitcoin futures ETFs. Consequently, the court noted that Grayscale\u2019s product merits approval, given its similar capacity for identifying market misconduct.<\/span><\/p>\n

The court\u2019s formal directive, a customary procedural stride, was anticipated following the SEC\u2019s recent decision not to <\/span>contest the August ruling<\/span><\/a>. Besides, this development catalyzed Grayscale\u2019s move to submit a revised filing in hopes of finally transitioning its flagship GBTC fund into a fully-fledged ETF.<\/span><\/p>\n

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Court Backs Grayscale\u2019s Bitcoin ETF Quest<\/strong><\/h2>\n

The mandate reinforces Grayscale\u2019s 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.<\/span><\/p>\n

However, ambiguity lingers over the SEC\u2019s next steps despite the court\u2019s push. The regulatory body, notorious for its meticulous scrutiny, retains the authority to find new grounds for rejection, keeping market participants on their toes.<\/span><\/p>\n

Major Firms Seek SEC\u2019s ETF Approval<\/strong><\/h2>\n

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Grayscale isn\u2019t alone in its pursuit. Other industry giants, like<\/span> BlackRock<\/span><\/a> and <\/span>Fidelity<\/span><\/a>, have thrown their hats into the ring, seeking the SEC\u2019s blessing for their spot in Bitcoin ETFs. SEC Chair Gary Gensler acknowledged the agency\u2019s receipt of multiple filings, without giving specific comments on Grayscale\u2019s case. Moreover, he detailed the rigorous review process proposals undergo, akin to public offering vetting, underscoring the agency\u2019s commitment to thorough evaluation.<\/span><\/p>\n

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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.<\/span><\/p>\n

Read Also:<\/b> BlackRock to Seed Spot Bitcoin ETF In October; Why It\u2019s A Big Deal?<\/span><\/a><\/p>\n

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\u2713 Share:<\/p>\n

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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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\u2019 application for a spot Bitcoin ETF. This decision stems from the court\u2019s previous ruling, emphasizing the similarities between Grayscale\u2019s proposition and the already sanctioned Bitcoin futures ETFs. Consequently, the court noted that […]<\/p>\n","protected":false},"author":2,"featured_media":159332,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-179685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179685","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=179685"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179685\/revisions"}],"predecessor-version":[{"id":179687,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179685\/revisions\/179687"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/159332"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=179685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=179685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=179685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}