{"id":179694,"date":"2023-10-24T02:15:09","date_gmt":"2023-10-23T20:45:09","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=179694"},"modified":"2023-10-24T02:15:09","modified_gmt":"2023-10-23T20:45:09","slug":"sec-ordered-to-review-grayscales-bitcoin-etf-application-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/sec-ordered-to-review-grayscales-bitcoin-etf-application-crypto-news\/","title":{"rendered":"SEC Ordered to Review Grayscale\u2019s Bitcoin ETF Application – Crypto News"},"content":{"rendered":"
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The U.S. Court of Appeals has issued its highly anticipated order for the Securities and Exchange (SEC) to review Grayscale\u2019s spot Bitcoin ETF application.<\/p>\n

\u201cIn accordance with the judgment of August 29, 2023\u2026 this constitutes the formal mandate of this court,\u201c wrote Court of Appeals Clerk Mark Langer in a Monday filing<\/a>.<\/p>\n

The judgment relates to Grayscale\u2019s lawsuit against the SEC from last year, in which the firm sued the agency for refusing to allow its Grayscale Bitcoin Trust (GBTC) to convert into a spot Bitcoin ETF.<\/p>\n

The firm argued that the SEC\u2019s judgment was \u201carbitrary and capricious\u201d given the firm\u2019s acceptance of similarly structured Bitcoin futures ETF products\u2014 an assessment with which the court\u2019s judges unanimously agreed in August.<\/p>\n

After the ruling, the SEC had 45 days to appeal the case but remained radio silent as its deadline passed earlier this month. This made a court order to reassess Grayscale\u2019s application inevitable, which has now arrived.<\/p>\n

While the SEC still has the power to deny the application, it would need to find a new reason for doing so not related to its prior justification: that the futures Bitcoin market is not closely connected enough to the spot market. Other Bitcoin ETF applicants, such as Bitwise<\/a>, have already laid out a slew of counter-arguments should the agency pursue a similar pathway again.<\/p>\n

Though the agency representatives refuse to directly comment on the case, SEC commissioner Hester Peirce said<\/a> on Monday that she is \u201cmystified\u201d why her agency hasn\u2019t approved a spot Bitcoin ETF by now.<\/p>\n

The Grayscale Bitcoin Trust (GBTC) is the world\u2019s largest Bitcoin fund, but its shares will not be directly redeemable for BTC until a conversion is approved. Amid growing confidence that the company will succeed, GBTC shares have soared 33% over the past month.<\/p>\n

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Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The U.S. Court of Appeals has issued its highly anticipated order for the Securities and Exchange (SEC) to review Grayscale\u2019s spot Bitcoin ETF application. \u201cIn accordance with the judgment of August 29, 2023\u2026 this constitutes the formal mandate of this court,\u201c wrote Court of Appeals Clerk Mark Langer in a Monday filing. The judgment relates […]<\/p>\n","protected":false},"author":2,"featured_media":120672,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-179694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179694","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=179694"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179694\/revisions"}],"predecessor-version":[{"id":179696,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179694\/revisions\/179696"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/120672"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=179694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=179694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=179694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}