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 controller to review the fund director’s operation for a spot Bitcoin
BTC 26,877 Numerous spectators do n’t believe the securities controller will essay to appeal the court’s decision, judges say there could still be ways for the SEC to delay blessing of Grayscale’s spot Bitcoin ETF conversion.
OnOct. 13, the SEC must either appeal theD.C. Circuit Court of prayers decision to theU.S. Supreme Court, request the Appeals Court readdress its ruling, or follow the court’s August order and review Grayscale’s shot to change its Grayscale Bitcoin Trust( GBTC) into a spot Bitcoin ETF.
In anOct. 12 post responding to an X stoner’s question, Bloomberg ETF critic Eric Balchunas said an appeal was doubtful, however there could still be otherhurdles.Meanwhile, in a separate post, fellow Bloomberg ETF critic James Seyffart said that an SEC attempt to deny on new grounds was doubtful and a “ veritably delicate needle to thread, ” but it could “ find ways to keep delaying. ” A September note from law establishment Ropes & Gray advised the GBTC operation could be transferred back for review to the SEC, giving the controller another chance to reject it on a different base.
“ In this script, the new denial could itself also be subject to another appeal by GBTC to theD.C. Circuit, ” wrote the establishment.
Another detention script, according to Ropes & Gray, would be if the New York Stock Exchange has to make a new form to list GBTC — also it's possible the SEC could take up to eight months to reach a decision on theETF.Currently, at least seven spot Bitcoin ETF operations are before the controller for blessing.
Despite all being filed with the controller before in 2023, all have faced detainments and pushback from the SEC, leaving the final blessing deadlines for utmost around March 2024 or latterly.
still, utmost eyes are on Grayscale’s spot Bitcoin ETF conversion operation because, if the SEC approves it, the controller could struggle to find reasons to knock reverse other operations.
The liability of an approved spot Bitcoin ETF this time is 75, according to Bloomberg judges who streamlined the odds after Grayscale’s court palm. The odds jump to a 95 liability of blessing by the end of 2024.