The U.S. Securities and Trade Commission reportedly has no plans to enchantment the latest courtroom choice that favored Grayscale Investments. The ruling requires the SEC to overview the agency’s spot Bitcoin (BTC) exchange-traded fund utility.
Benzinga (and others) reporting that Reuters is reporting that the SEC will NOT be interesting Grayscale case. pic.twitter.com/yd9BBtRwv5
— Eric Balchunas (@EricBalchunas) October 13, 2023
The SEC’s supposed choice to not enchantment the D.C. Circuit Court docket of Attraction’s ruling was highlighted in an Oct. 13 report from Reuters, which cited “a supply aware of the matter.”
Bloomberg analysts additionally anticipate the SEC to not enchantment to the Supreme Court docket however emphasised that this doesn’t essentially imply Grayscale’s utility is ready to be authorized.
If the stories are true, the SEC might want to observe the courtroom’s August order and overview Grayscale’s utility to vary its Grayscale Bitcoin Belief (GBTC) right into a spot Bitcoin ETF.
In accordance with Reuters, the appeals courtroom is anticipated to problem a mandate particularly outlining how its ruling ought to be “executed” by the SEC.
Commenting on the developments, Bloomberg ETF analyst James Seyffart famous through X that:
“I don’t suppose they may enchantment to the Supreme Court docket both. Dialogue between Grayscale and SEC ought to start subsequent week. Hoping for more information on subsequent steps someday subsequent week or week after?”
1. Executed deal I assume if that is correct. No en banc utility
2. No. I don’t suppose they may enchantment to the Supreme Court docket both.
3. Dialogue between Grayscale and SEC ought to start subsequent week. Hoping for more information on subsequent steps someday subsequent week or week after? https://t.co/2EayzqeKGq
— James Seyffart (@JSeyff) October 13, 2023
Transferring ahead, Seyffart recommended that it’s seemingly that “we are going to discover out within the subsequent week (or two)” what the deadline is for the SEC to approve or deny Grayscale’s spot BTC ETF utility.
If the SEC have been to disclaim the appliance, Grayscale might then enchantment that call, dragging the method out even longer.
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Because it stands, round seven spot Bitcoin ETF purposes have been put earlier than the SEC which can be awaiting a choice from the regulator.
In a separate previous X put up on Oct. 13, Seyffart reiterated his view that there’s a 90% probability {that a} spot Bitcoin ETF utility will get authorized in January 2024, particularly the appliance from Cathie Wooden’s ARK Make investments.
I’ve gotten plenty of questions concerning my present view on Spot #Bitcoin ETFs during the last couple weeks. That is the primary part of the notice I put out yesterday with @EricBalchunas.
TLDR: Our view hasn’t modified a lot https://t.co/dRAm5IsdQf pic.twitter.com/Htsi3n2XxV
— James Seyffart (@JSeyff) October 13, 2023
Seyffart and Bloomberg’s senior ETF analyst Eric Balchunas, additionally beforehand recommended that there’s a 75% probability that an utility will get authorized in 2023.
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