Court Grants Grayscale Bitcoin Trust's Petition, Overturning SEC's Denial of Bitcoin ETF Listing Application
Summary:
Grayscale Bitcoin Trust (GBTC) has successfully overturned the U.S. Securities and Exchange Commission's (SEC) denial of its application to list a Bitcoin ETF. The court has ordered a review of the case. Although this is a significant victory, it does not guarantee the approval of a Grayscale spot Bitcoin ETF.
Grayscale Bitcoin Trust (GBTC), a crypto asset manager, has achieved a significant win against the U.S. Securities and Exchange Commission (SEC) in its bid to convert its GBTC application from an over-the-counter product to a listed Bitcoin ETF. The U.S. Court of Appeals Circuit Judge Neomi Rao has granted Grayscale's request for review and nullified the SEC's decision to reject the GBTC listing application. In a previous ruling, Judge Rao criticized the SEC for not providing any justification for their actions against Grayscale. It is important to note, however, that this order does not guarantee the approval of a Grayscale spot Bitcoin ETF. We will continue to update this developing story as more information becomes available.
Published At
8/29/2023 2:43:48 PM
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