Tuesday, June 25, 2024

SEC has no plans to ask appeals court to reverse spot bitcoin ETF ruling – report

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U.S. Securities and Exchange Commission (SEC) Building


The U.S. Securities and Exchange Commission has no plans to ask the DC Circuit Court of Appeals to reverse a ruling that overturned the regulator’s rejection of Grayscale Investment’s bid to roll out spot bitcoin (BTC-USD) exchange-traded fund, Bloomberg reported Friday, citing a person with knowledge of the matter.

The August ruling, which paves the way for Grayscale to covert its bitcoin trust (OTC:GBTC) into an ETF, was said to have been made by only three of the judges on the court.

Many have contended that approval of such an ETF would result in broader institutional adoption, but that would also mean reduced volumes across crypto exchanges and increased volume among stock exchanges where these products would trade.

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