Crypto Regulation | Oct 16, 2023
The SEC, in a surprising move, has reportedly decided not to appeal its court loss against Grayscale concerning the conversion of its Bitcoin trust into an ETF paving the way for the first Bitcoin ETF in the U.S.
In August, the D.C. Circuit Court of Appeals ruled that the SEC’s denial of Grayscale Investment’s application to convert the Grayscale Bitcoin Trust (GBTC) into an ETF was invalid.
The court labeled the rejection as “arbitrary and capricious,” emphasizing that federal agencies must treat similar cases alike.
See: Bitcoin Payments on the Rise
The SEC had previously approved the trading of two bitcoin futures funds on national exchanges but denied Grayscale’s bitcoin fund. This inconsistency was highlighted by Circuit Judge Neomi Rao, who pointed out the SEC’s contradictory stance.
Market Response
The market’s response to this news was swift and positive. Bitcoin’s price surged and the uptick is a testament to the market’s optimism regarding the potential of a Bitcoin ETF in the U.S., which could offer investors a more streamlined and regulated way to invest in Bitcoin.
See: Ether Futures ETFs Launch. VanEck Commits 10% to Developers
If Grayscale’s Bitcoin ETF gets the green light, it could set a precedent for other similar products in the market.
Numerous asset management firms, such as BlackRock, Fidelity, and Invesco, have also submitted comparable applications to the SEC for a spot bitcoin ETF. The SEC is expected to make a decision on these submissions by the end of the upcoming year at the latest.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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- Source: https://ncfacanada.org/secs-move-paves-way-for-u-s-bitcoin-etf/
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